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In this article, a novel implementation of a widely used pseudo-two-dimensional (P2D) model for lithium-ion battery simulation is presented with a transmission line circuit structure. This implementation represents an interplay between physical and equivalent circuit models. The discharge processes of an LiNi0.33Mn0.33Co0.33O2-graphite lithium-ion battery under different currents are simulated, and it is seen the results from the circuit model agree well with the results obtained from a physical simulation carried out in COMSOL Multiphysics, including both terminal voltage and concentration distributions. Finally we demonstrated how the circuit model can contribute to the understanding of the cell electrochemistry, exemplified by an analysis of the overpotential contributions by various processes.