Compensation of hysteresis nonlinearities in smart material based actuators presents a challenging task for their applications. Many approaches have been proposed in the literature, including the inverse multiplicative scheme. The advantage for such a scheme is to avoid direct model inversions. However, the approach is mainly developed for the Bouc-Wen model. Focusing on the Preisach model which is utilized to describe magnetostrictive actuators, in this paper an inverse compensation approach for Preisach model using the inverse multiplicative structure is developed. Since the input signal is implicitly involved in the Preisach model, it imposes a great challenge to construct the inverse function of the model. To obtain an explicit expression of the input signal from its implicit form so that the inverse multiplicative technique can be applied, the Preisach model is decomposed into a non-memory part and memory part. Using this separation, it only requires to solve the inverse of the non-memory part to obtain an explicit expression of the input signal, thus avoiding constructing the inverse for entire complex dual integral formulation of the Preisach model. Experimental results for a magnetostrictive actuator demonstrate the effectiveness of the proposed approach.