A semiconductor device has an electronic component assembly with a substrate and a plurality of electrical components disposed over the substrate. A conductive post is formed over the substrate. A molding compound sheet is disposed over the electrical component assembly. A carrier including a first electrical circuit pattern is disposed over the molding compound sheet. The carrier is pressed against the molding compound sheet to dispose a first encapsulant over and around the electrical component assembly and embed the first electrical circuit pattern in the first encapsulant. A shielding layer can be formed over the electrical components assembly. The carrier is removed to expose the first electrical circuit pattern. A second encapsulant is deposited over the first encapsulant and the first electrical circuit pattern. A second electrical circuit pattern is formed over the second encapsulant. A semiconductor package is disposed over the first electrical circuit pattern.