Faced with the challenges of increasing operational frequencies and switching rates of modern power electronics devices used in power systems, there is need for high frequency models (up to a few megahertz) for power components like reactors, capacitors banks and transformers. This paper presents the application of PEEC theory forthe creation of high frequency, electromagnetic models for air-core reactors. The electromagnetic field couplings are separated in mutual partial inductances and mutual coefficients of potential giving a correct solution from DC to a maximum frequency determined by the meshing. The PEEC models are validated by comparing simulation results, for both time and frequency domain analysis, against measurements and other established modeling methods, and show good agreement. The model created by PEEC theory, could be helpful in the design and diagnostics of air-core reactors and other power system components.