A field-circuit co-simulation model of a two-stage PIN limiter was built to explore the influence of high-power microwave signal parameters on the temperature distribution of the limiter. The simulation results indicate that the increase in microwave pulse amplitude or frequency can expand the PIN diode's high-temperature region inside the two-stage PIN limiter towards the P-region. Compared with the frequency, the amplitude of the microwave pulse has a more significant impact on the temperature distribution of the PIN limiter.