A reasonable design of IGBT internal layout is essential to maximize the overall electrical and thermal performance of an IGBT module. For two types of typical layouts of one commonly-used IGBT package with multiple chips connected in parallel, a module-level IGBT equivalent circuit based on chip-level model and accurate interconnection parasitics was constructed in this paper. Comparative simulations have been done to evaluate the advantages and disadvantages of the two types of layouts. The results not only demonstrate the internal electromagnetic & thermal physics which is very hard to be observed in experiments, but also offers a useful guidance for practical application of high power IGBT modules.