Abstract: Power electronic transformers（PETs） are key devices for power conversion in flexible DC distribution networks. Due to the limitation of simulation resources, the scales of existing electromagnetic transient（EMT） real-time simulations for PETs are small, which can not meet the demand of hardware-in-loop test and fast simulation for the large-capacity system. This paper proposes a real-time low-consumption equivalent modeling algorithm for dual active bridge（DAB） based PETs. Firstly, the binary input admittance characteristics of the high-frequency link port decoupling model（HFL-PDM） of the DAB are deeply explored and elaborated from the perspective of numerical analysis and physical significance. Based on this, the HFL-PDM of the PET with the N+1 characteristics is constructed. Secondly, a low-memory-occupancy EMT solution scheme using limited storage, a compact low-latency simulation framework, and a hardware implementation scheme using packet-based parallel pipeline computing are designed, which reduce the demand for the storage memory, the computing clock, and the hardware resource during the realtime simulation. Finally, the real-time low-consumption equivalent simulation model at a time step of 250 ns is developed based on Verilog language in RT-LAB. The simulation accuracy and resource utilization of the established model are tested.