Skin hydration measurement using bioelectrical impedance analysis is widely used to evaluate the severity of skin dryness in asteatosis and atopic dermatitis. However, the specific skin depth at which water content influences the measurement values of these devices has not been fully characterized. In this study, a finite element method (FEM)-based analytical model was constructed to investigate how water content at various depths of the skin influences the measurement values of a newly developed capacitance-based skin moisture meter. To optimize the FEM model, two experimental methods were used to compare the FEM model-predicted capacitance values with the actual measured values. The first method involved constructing an artificial skin model in which the living layer (deeper than the stratum corneum and containing higher moisture) was represented by saline-soaked filter paper, overlaid by up to two sheets of 10-µm-thick food wrap to simulate the stratum corneum. The second method used excised porcine skin, which closely resembles human skin in structure. The optimized FEM model was used to analyze the current penetration depth based on measurements from two porcine skin preparations: full-thickness skin and only the living layer after removing the stratum corneum. The current penetration depth in porcine skin reached approximately 110-130 µm with 90% confidence. Furthermore, an analysis was performed to determine the influence of depth on the measured values by plotting the current difference between porcine skin with and without the stratum corneum at each depth. The analysis showed that 83% of the measurement sensitivity (ΔI) was concentrated within the first 20 µm of the stratum corneum. Beyond this depth, ΔI decreased rapidly followed by a gradual decline with increasing depth. These findings suggest that the measurement values of the capacitance-based skin moisture meter primarily reflect water content in the superficial layers of the skin, particularly the stratum corneum. The present study demonstrates that FEM effectively analyzes the penetration depth of the electric current during impedance-based skin moisture measurement. This approach is expected to contribute to pathological investigation of asteatosis and pharmaceutical research.