In this paper, we present a new compact model of threshold switching devices which is suitable for efficient circuit-level simulations. First, a macro model, based on a compact transistor based circuit, was implemented in LTSPICE. Then, a descriptive model was extracted and implemented in MATLAB, which is based on the macro model. This macro model was extended to develop a physical model that describes the processes that occur during the threshold switching. The physical model derived comprises a delay structure with few electrical components adjacent to the second junction. The delay model incorporates an internal state variable, which is crucial to transform the descriptive model into a compact model and to parameterize it in terms of electrical parameters that represent the component's behavior. Finally, we applied our model by fitting measured-v data of an OTS device manufactured by Western Digital Research.