The aim of the paper is to give a compositional semantics in the style of the Structural Operational Semantics (SOS) and to study behavioral equivalence notions for P Systems. Firstly, we consider P Systems with maximal parallelism and without priorities. We define a process algebra, called P Algebra, whose terms model membranes, we equip the algebra with a Labeled Transition System (LTS) obtained through SOS transition rules, and we study how some equivalence notions defined over the LTS model apply in our case. Then, we consider P Systems with priorities and extend the introduced framework to deal with them. We prove that our compositional semantics reflects correctly maximal parallelism and priorities.