Broadband electromagnetic (EM) modeling increases in importance for virtual prototyping of advanced power electronics systems (PES), enabling a more accurate prediction of fast switching converter operation and its impact on energy conversion efficiency and EM interference. With the aim to predict and reduce an adverse impact of parasitics on the dynamic performance of fast switching power semiconductor devices, the circuit-oriented EM modeling based on the extraction of equivalent lumped R-L-C-G circuits is frequently selected over the Finite Element Method (FEM)-based EM modeling, mainly due to its lower computational complexity. With requirements for more accurate virtual prototyping of fast-switching PES, the modeling accuracy of the equivalent-RLCG-circuit-based EM modeling has to be re-evaluated. In the literature, the equivalent-RLCG-circuit-based EM techniques are frequently misinterpreted as the quasi-static (QS) 3-D Partial Element Equivalent Circuit (PEEC) method, and the observed inaccuracies of modeling HF effects are attributed to the QS field assumption. This paper presents a comprehensive analysis on the differences between the QS 3-D PEEC-based and the equivalent-RLCG-circuit-based EM modeling for simulating the dynamics of fast switching power devices. Using two modeling examples of fast switching power MOSFETs, a 3-D PEEC solver developed in-house and the well-known equivalent-RLCG-circuit-based EM modeling tool, ANSYS Q3D, are compared to the full-wave 3-D FEM-based EM tool, ANSYS HFSS. It is shown that the QS 3-D PEEC method can model the fast switching transients more accurately than Q3D. Accordingly, the accuracy of equivalent-RLCG-circuit-based modeling approaches in the HF range is rather related to the approximations made on modeling electric-field induced effects than to the QS field assumption.