A new perspective of the impaired limiter based on signal analysis is presented for the nonlinear effect of the limiter subjected to functional or physical damage. For this perspective, the modeling algorithm is proposed. Firstly, an amplitude-frequency response sequence of the impaired limiter is measured, and converted into a zero-mean real stationary sequence. Then, the autocorrelation function and the partial autocorrelation function of the sequence are calculated along with the estimated order of the auto-regressive moving average (ARMA) model which is estimated by least squares method, and verified by the Final Prediction Error (FPE) criterion. Experiment results agree well with theoretical analysis.