On the SEMNET discussion listserv around April 3-4, 2010, someone asked about graphics programs for drawing structural-equation-model diagrams, and other participants sent in suggestions. I, personally, find AMOS and PowerPoint to be good. However, if anyone wants to examine additional programs, here are some:
GraphViz
Concept Draw
Concept Map (perhaps more appropriate for illustrating theory construction than actual SEM drawing)
Easy Draw (seems like a very general graphic-arts program)
ADDED 6/10/2017: PowerPoint Tips for Displaying SEM Models