The generation and transmission of millimeter-wave signals for 5G applications require the use of broadband and high output power photodetectors to bridge from the optical and electronic domains. Therefore, the deep knowledge on the equivalent circuit characteristics of these devices is vital. This study reviews and analyzes de-embedding techniques contributing to the characterization of the physical aspects within the active region of uni-traveling carrier photodiodes. De-embedding methods analytically remove the parasitic effects of the electrical transmission lines connected to their active area allowing the extraction of their series resistance and junction capacitance toward the synthesis of an equivalent circuit with lumped elements. The open-short technique is examined and a systematic error introduced by this process underlines the vulnerability of the method on removing parasitics with higher complexity. This error is quantified leading to the implementation of a corrected equation converging with the characteristic features of an $S$-parameter-based de-embedding. These characteristics are also analyzed through simulation approaches showing minimal equivalent inaccuracies on eliminating more complex symmetrical parasitics. A thorough comparison between these three methods is conducted through the calculation of lumped components corresponding to the active region of diodes with different sizes.