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An ac small signal model for lateral spin valves (LSVs) is developed, and is applied to two different types of devices: spin transmitters and magnetic field sensors. The small signal models explicitly decouple the charge- and spin-dependent components, which describe the intrinsic RC delay and the ac spin accumulation dynamics, separately. The analysis is applied to graphene LSVs as an example to illustrate the optimization strategies for LSV devices. By using the charge-spin circuit model, the scattering parameters and the reflection coefficients at the output terminals are quantitatively calculated as a function of frequency. This model can be used as a guide for future LSV design and to benchmark performance across different material systems. [ABSTRACT FROM AUTHOR]