Using bond graph, a model is developed for two-way pressure compensated flow Control valves with pressure balancing stage perior to the throttling section. The model, which carries the physical and mathematical structures of the valve, is in a ready form to be interconnected to models of other components to get the bond graph for a global system incorporating the valve. Equations governing the valve dynamic behaviour are obtained from the bond graph in the form of assignment statements. Simulation is realized on digital computer to investigate the valve transient response to step load-pressure variation, when the valve is used in a hydraulic circuit of a meter-in mode of speed control. Results showed that at low values of resistance of the passage connecting the load to the spring chamber of compensator, the response is of high initial load flow overshoot that decreases rapidly to the steady state value. At higher resistances, initial overshoot is reduced and the response is slower and of oscillatory nature.