Roll-to-roll (R2R) dry transfer is an important process for manufacturing of large-scale two-dimensional (2D) materials and printed flexible electronics. Existing research has demonstrated the feasibility of dry transfer of 2D materials in a roll-to-roll setting with mechanical peeling. However, the process presents a significant challenge to system control due to the lack of understanding of the mechanical peeling behavior and the complexity of the nonlinear system dynamics. In this study, an R2R peeling process model is developed to understand the dynamic interaction among the peeling process parameters, including adhesion energy, peeling force, angle, and speed. Both simulation and experimental studies are conducted to validate the model. It is shown that the dynamic system model can capture the transient behavior of the R2R mechanical peeling process and be used for the process analysis and control design.