In the past few years, different advanced magnetic materials have been developed in response to newly introduced applications. Among those advanced magnetic materials, magnetic shape alloys (MSMA) demonstrated high potential of usage in a wide range of application as those involving actuators, and sensors. In this paper, the utilization of a typical MSMA Adaptamat material in power harvesting applications is investigated. This investigation has been driven by the fact that the magneto-elastic coupling coefficient of the aforementioned material is as high as that of widely used magnetostrictive Terfenol-D. Vector Preisach modeling and experimental investigation have been carried out for an MSMA subject to transverse magnetic field and time-varying axial mechanical stress. Details of the experimental efforts, modeling and corresponding simulation findings are given in the paper.