In audio transduction applications, virtualization can be defined as the task of digitally altering the acoustic behavior of an audio sensor or actuator with the aim of mimicking that of a target transducer. Recently, a digital signal preprocessing method for the virtualization of loudspeakers based on inverse equivalent circuit modeling has been proposed. The method applies Leuciuc’s inversion theorem to obtain the inverse circuital model of the physical actuator, which is then exploited to impose a target behavior through the so called Direct–Inverse–Direct Chain. The inverse model is designed by properly augmenting the direct model with a theoretical two-port circuit element called nullor. Drawing on this promising results, in this manuscript, we aim at describing the virtualization task in a broader sense, including both actuator and sensor virtualizations. We provide ready-to-use schemes and block diagrams which apply to all the possible combinations of input and output variables. We then analyze and formalize different versions of the Direct–Inverse–Direct Chain describing how the method changes when applied to sensors and actuators. Finally, we provide examples of applications considering the virtualization of a capacitive microphone and a nonlinear compression driver.