This manuscript presents a method to model in detail the piezoelectric traveling wave rotary ultrasonic motor (PTRUSM) stator response under the action of DC and AC voltages. The stator is modeled with a discrete two dimensional system of equations using the finite volume method (FVM). In order to obtain accurate results, a model of the stator bridge is included into the stator model. The model of the stator under the action of DC voltage is presented first, and the results of the model are compared versus a similar model using the commercial finite element software COMSOL Multiphysics. One can observe that there is a difference of less than 5% between the displacements of the stator using the proposed model and the one with COMSOL Multiphysics. After that, the model of the stator under the action of AC voltages is presented. The time domain analysis shows the generation of the traveling wave in the stator surface. One can use this model to accurately calculate the stator surface velocities, elliptical motion of the stator surface and the amplitude and shape of the stator traveling wave. A system of equations discretized with the finite volume method can easily be transformed into electrical circuits, because of that, FVM may be a better choice to develop a model-based control strategy for the PTRUSM.