The nondestructive testing of asphalt pavement using ground-penetrating radar (GPR) is based on studies on the dielectric properties of asphalt concrete. The equivalent circuit concept was used in this study, where different mediums are equivalent to a single multilayer medium. The capacitance of each layer medium was used to derive the composite dielectric constant. Using the open coaxial probe method, the dielectric constants of AC-13 and AC-16 concrete composed of No. 70, No. 90, and styrene-butadiene-styrene (SBS)-modified asphalt binder were measured. The results reveal that the dielectric constant of asphalt concrete falls as the binder-aggregate ratio increases, and the change in aggregate volume ratio is the most important element in determining its dielectric constant. For every 1% increase in the binder-aggregate ratio, the dielectric constant of asphalt concrete typically decreases by 0.094, while the volume ratio of asphalt binder increases by 1.39%. In addition, the volume ratios of aggregate and air decreased by 1.05% and 0.33%, respectively. When it comes to estimating the dielectric constant of asphalt concrete, the developed model outperforms the conventional dielectric model with an average relative error of roughly 1%. This model successfully improved the prediction accuracy of the dielectric properties of asphalt concrete materials, which is significant for GPR-based asphalt pavement quality assessment.