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 540S-L features a mahogany body bolted to a maple Wizard neck with a 22-fret rosewood fretboard with dot position markers. It uses IBZ/USA pickups made by DiMarzio with a humbucker mounted in a pickup ring at the bridge and single-coils (which Ibanez describes as "vertical humbucking" pickups) in the middle and neck positions. Components include a double locking tremolo bridge with a locking nut and Gotoh tuning machines.
The 540S-L has a traditional bolt-on neck joint with a stamped metal plate.