A state/event model is a concurrent version of Mealy machines used for describing embedded reactive systems. This paper introduces a technique that uses compositionality and dependency analysis to significantly improve the efficiency of symbolic model checking of state/event models. It makes possible automated verification of large industrial designs with the use of only modest resources (less than 5 minutes on a standard PC for a model with 1421 concurrent machines). The results of the paper are being implemented in the next version of the commercial tool visualSTATETM.