To develop operating strategies in polymer electrolyte membrane (PEM) fuel cell-powered applications, precise computationally efficient models of the fuel cell stack voltage are required. Models are needed for all operating conditions, including transients. In this work, transient evolutions of voltage, in response to load changes, are modeled with a sum of three exponential decay functions.Amplitude factors are correlated to steady-state operating data (temperature, humidity, average current, resistance, and voltage). The obtained time constants reflect known processes of the membrane heat/water transport. These model parameters can form the basis for the prediction of voltage overshoot/undershoot used in computational-based control systems, used in real-time simulation. Furthermore, the results provide an empirical basis for the estimation of the magnitude of temporary voltage loss to be expected with sudden load changes, as well as a systematic method for the analysis of experimental data. Its applicability is currently limited to thin membranes with low to moderate humidity gases, and with adequately high reactant-gas stoichiometry.