In this paper, we investigate the power integrity of grid structures for power and ground distribution on printed circuit board (PCB). We propose the 2D transmission line method (TLM)-based model for efficient frequency-dependent impedance characterization and PCB-package-integrated circuit (IC) co-simulation. The model includes an equivalent circuit model of fringing capacitance and probing ports. The accuracy of the proposed grid model is verified with test structure measurements and 3D electromagnetic (EM) simulations. If the grid structures replace the plane structures in PCBs, they should provide effective shielding of the electromagnetic interference in mobile systems. An analytical model to predict the shielding effectiveness (SE) of the grid structures is proposed and verified with EM simulations.