System Packet Interface Level 4 Phase(SPI-4.2) is an interface for packet and cell transfer between a physical layer(PHY) device and a link layer device, for aggregate bandwidths of OC-192 ATM and Packet Over Sonet/SDH(POS), as well as 10Gbps Ethernet applications. In this paper, we performs the research for SPI-4.2. Also we analyze the performance of SPI-4.2 interface module after modeling using C programming language. This paper shows that SPI-4.2 interface module with 512-word FIFO depth is able to be adapted for the offered loads to 97％ in random uniform traffic and 94％ in bursty traffic with bursty length 32. SPI-4.2 interface module can experience an performance degradation due to heavy overhead when it massively receives small size packets less than 14-byte. SPI-4.2 interface module is suited for line cards in gigabit/terabit routers, and optical cross-connect switches, and SONET/SDH-based transmission systems.