Affective computing systems has a great potential in applications for biofeedback systems and cognitive conductual therapies. Here, by analyzing the physiological behavior of a given subject, we can infer the affective state of an emotional process. Since, emotions can be modeled as dynamic manifestations of these signals, a continuous analysis in the valence/arousal space, brings more information of the affective state related to an emotional process. In this paper we propose a method for dynamic affect recognition from multimodal physiological signals. Our model is based on learning a latent space using Gaussian process latent variable models (GP-LVM), which maps high dimensional data (multimodal physiological signals) in a low dimensional latent space. We incorporate the dynamics to the model by learning the latent representation, with associated dynamics. Finally, a support vector classifier is implemented to evaluate the relevance of the latent space features in the affective recognition process. The results show that the proposed method can efficiently model a physiological time-series and recognize with high accuracy an affective process.