Planetary gearboxes are widely used in industrial machines. They usually work in harsh environments giving rise to damages and high maintenance costs. Condition monitoring is a key action allowing one to detect the presence of such damage ensuring healthy running conditions. The knowledge of the dynamic behavior of such a gearbox can be achieved using modeling tools as a primary step before conditioning the monitoring subject. In addition, modeling a gear set can help in the stage of design in order to optimize physical and geometric parameters of the system. Therefore, in this work, a two-dimensional lumped parameter model is adopted to build all vibration sources. The time-varying mesh stiffness is approximated as a square wave form. A novel mathematical formulation is proposed to model the amplitude modulation phenomenon due to the rotational motion of the planets around the center of the gearbox. Finally, the overall vibration signal is concluded as a summation of all vibration components influenced by the modulation function.