This paper proposes a novel electrical characterization approach for a high-performance package system using an improved Partial Element Equivalent Circuit (PEEC). As the effect of interconnects becomes a pivotal factor for the performance of high-speed electronic systems, there is a great demand for an accurate equivalent model for interconnects. In particular, an equivalent model of interconnects is established in this paper for the Fine-Pitch Ball Grid Array (FBGA) package using the improved PEEC method. Based on the equivalent model, electrical characteristics are analyzed; furthermore, these are verified through the measurement results of a Vector Network Analyzer (VNA).