Compliant grippers, owing to adaptivity and safety, have attracted considerable attention for unstructured grasping in real applications, such as industrial or logistic scenarios. However, accurately modeling the bidirectional relationship between shape deformation and contact force for such grippers, the Fin-Ray grippers as an example, remains stagnant to date. To address this research gap, this article devises, presents, and experimentally validates a universal bidirectional force-displacement mathematical model for compliant grippers based on the co-rotational concept, which endows such grippers with an intrinsic force sensing capability and offers a better insight into the design optimization. In Part I of the article, we introduce the fundamental theory of the co-rotational approach, where arbitrary large deformation of beam elements can be modeled. Its intrinsic principle allows taking materials with varying stiffness, various connection types, and key design parameters into consideration with few assumptions. Further, the force-displacement relationship is numerically derived, providing accurate displacement estimations of the gripper under external forces with minor computational loads. The performance of the proposed method is experimentally verified through comparison with Finite Element Analysis (FEA) in simulation, obtaining a fair degree of accuracy (6%), and design optimization of Fin-Ray grippers is systematically investigated. Part II of this article demonstrating the force sensing capabilities and the effects of representative co-rotational modeling parameters on model accuracy is released in Arxiv.