Recently, the general Volterra filter (VF) has been adopted for the modeling of parametric loudspeakers. However, the computation complexity of the VF is too high for real-time implementation. In this paper, a one-dimension Volterra filter (ODVF) with much lower complexity is introduced to model and compensate for the nonlinearity of parametric loudspeakers. A theoretical framework for ODVF model identification is established and a method of measuring the ODVF kernels using the exponential swept-sine signal is provided. The validity of modeling the nonlinearity of the parametric loudspeaker using the ODVF is verified theoretically and experimentally. Based on the established ODVF model, an inverse filter is designed to compensate for the 2nd harmonic distortion of the parametric loudspeakers. To further reduce the 3rd harmonic distortion, an improved compensation method is also proposed. Experimental results show that the performance of the ODVF-based compensation is comparable to that of the Volterra-filter based compensation.