The S series is distinguished by the sleek double cutaway body shape which is arched on the top and back resulting in a fairly light guitar with thin edges.
The 540SLTD features a mahogany body bolted to a maple Wizard neck with a 22-fret bound rosewood fingerboard with sharktooth position markers. It uses IBZ/USA pickups made by DiMarzio with humbuckers mounted in pickup rings at the bridge and neck flanking a single-coil (which Ibanez describes as "vertical humbucking" pickup). Components include a double locking tremolo bridge with a locking nut and Gotoh tuning machines.
The 540SLTD has a traditional bolt-on neck joint with a stamped metal plate.
The 540SBM is a similar model with a burl mahogany top and back. The 540S is a related model with a single-coil in place of the neck humbucker and dot inlays.