Faced with the challenges of increasing operational frequencies and switching rates of modern power-electronics devices used in power systems, there is need for high-frequency models (up to a few megahertz) for power components, such as reactors, capacitor banks, and transformers. This paper presents the application of PEEC theory for the creation of high-frequency, electromagnetic (EM) models for air-core reactors. The EM-field couplings are separated in mutual partial inductances and mutual coefficients of potential giving a correct solution from dc to a maximum frequency determined by the meshing. The PEEC models are validated by comparing simulation results, for time- and frequency-domain analysis, against measurements and other established modeling methods, and show good agreement. The model, created by PEEC theory, could be helpful in the design and diagnostics of air-core reactors and other power system components.