Despite their stunning performance, developing deep learning models from scratch is a formidable task. Therefore, it popularizes Machine-Learning-as-a-Service (MLaaS), where general users can access the trained models of MLaaS providers via Application Programming Interfaces (APIs) on a pay-per-query basis. Unfortunately, the success of MLaaS is under threat from model extraction attacks, where attackers intend to extract a local model of equivalent functionality to the target MLaaS model. However, existing studies on model extraction of text analytics APIs frequently assume adversaries have strong knowledge about the victim model, like its architecture and parameters, which hardly holds in practice. Besides, since the attacker’s and the victim’s training data can be considerably discrepant, it is non-trivial to perform efficient model extraction. In this paper, to advance the understanding of such attacks, we propose a framework, PEEP, for practical and efficient model extraction of sentiment analysis APIs with only query access. Specifically, PEEP features a learning-based scheme, which employs out-of-domain public corpora and a novel query strategy to construct proxy training data for model extraction. Besides, PEEP introduces a greedy search algorithm to settle an appropriate architecture for the extracted model. We conducted extensive experiments with two victim models across three datasets and two real-life commercial sentiment analysis APIs. Experimental results corroborate that PEEP can consistently outperform the state-of-the-art baselines in terms of effectiveness and efficiency.