High frequency power electronics utilizing wide-band gap semiconductor devices imposes more stringent requirements for highly accurate extraction of parasitics of power electronics systems in a wide frequency range. This paper presents the state-of-the-art modeling approaches used to predict the electromagnetic behavior of power electronic systems and components in terms of accuracy and computational cost. The potential of the Partial Element Equivalent Circuit (PEEC) technique for virtual prototyping of power electronic systems is assessed. The main advantage of this numerical technique is its capability for direct coupling between the circuit and electromagnetic domains provided by the PEEC meshing of three-dimensional geometries in partial elements. The aim of this paper is to provide a more comprehensive understanding of PEEC-based modeling for power electronics packaging.