To clarify the correspondence between Shielding Effectiveness (SE) of shielding materials and their physical property, we propose an equivalent circuit for a shielding effectiveness test apparatus using a dual TEM cell, and show its validity. By considering the structure of dual TEM cell that consists of a pair of cells coupled via an aperture in their common wall, we defined the capacitance C and mutual inductance M, that respectively express the electric coupling and magnetic coupling between two center conductors. By the measurement of unloaded S-parameter, we determined the values of C and M for a dual TEM cell in hand. Next, the shielding material was approximated by the apparent sheet resistivity Rs, and was used in the equivalent circuit of loaded aperture. As a result, the coupling level calculated from the equivalent circuit agreed well with the measured data in frequencies below 300 MHz.