Ultrahigh-mobility compound semiconductor-based MOSFETs and quantum-well field-effect transistors could enable the next generation of logic transistors operating at low supply voltages since these materials exhibit excellent electron transport properties. While the long-channel In0.53Ga0.47As MOSFETs exhibit promising characteristics with unpinned Fermi level at the InGaAs-dielectric interface, the high-field channel mobility as well as subthreshold characteristics needs further improvement. In this paper, we present a comprehensive equivalent circuit model that accurately evaluates the experimental small-signal response of inversion layers in In0.53Ga0.47As MOSFETs fabricated with LaAlO3 gate dielectric and enables accurate extraction of the interface state profile, the trap dynamics, and the effective channel mobility.