Abstract: Based on the principle of the hydraulic system of the signal producer controlled by on-off pilot valve set in the return flow channel, and according to the different working characteristic of pressure rising and falling phases, the dynamic equilibrium equations of flow flux and the valve’s dynamic equilibrium equations of force about the two subsystem are established. Farther more, by choosing the pilot valve’s opening degree and import flow flux as the control variables, by choosing the main valve’s opening degree and velocity as the variables of state, the nonlinear equations of state of the two phases are also presented. By a simulating calculation, it is indicated that in the case of same parameters, the pulse rate produced by the hydraulic pulser is 2 times higher that described in the reference1, and this shows its remarkable advantages.