A method, apparatus and program product are provided for extracting parameters for compact models for semiconductor devices. A first set of parameters associated with first and second semiconductor devices is defined and has the same value for all devices. A second set of parameters associated with the semiconductor devices is defined having values that differ among the devices. Data is measured from the semiconductor devices related to the first and second set of parameters. A mathematical relationship is established between the measured data, and the values of the second set of parameters are adjusted to fit the established mathematical relationship. The mathematical relationship may also be a correlation of the measured data from the first semiconductor device with the measured data from the second semiconductor device creating a data set for parameter extraction. Parameters may then be extracted from the data set related to the first and second semiconductor devices.