This paper addresses the design of a hybrid beamforming system considering the circuit parameter of six-bit millimeter-wave phase shifters based on the process design kit. The phase shifter design adopts 45 nm CMOS silicon on insulator (SOI) technology at 28-GHz. Various circuit topologies are utilized, and in particular, a design is presented based on switched LC components, connected in a cascode manner. The phase shifter configuration is connected in a cascading manner to get the 6-bit phase controls. Six different phase shifters are obtained, which are 180°, 90°, 45°, 22.5°, 11.25°, and 5.6°, with a minimum number of LC components. The circuit parameters of the designed phase shifters are then incorporated in a simulation model of hybrid beamforming for a multiuser MIMO system. The number of OFDM data symbols used in the simulation is ten for eight users, 16 QAM modulation schemes, −25 dB SNR, 120 simulation runs, and around 170 h runtime. Simulation results are obtained considering four and eight users, assuming accurate technology-based models of RFIC components of the phase shifter as well as ideal phase shifter parameters. The results indicate that the performance of the multiuser MIMO system is affected by the accuracy level of the phase shifter RF component models. The outcomes also reveal the performance tradeoff based on user data streams and the number of BS antennas. By optimizing the amount of parallel data streams per user, higher data transmission rates are achieved, while maintaining acceptable error vector magnitude (EVM) values. In addition, stochastic analysis is conducted to investigate the distribution of the RMS EVM. The outcomes show that the best fitting of RMS EVM distribution of the actual and ideal phase shifters agreed with the log-logistic and logistic distributions, respectively. The obtained (mean, variance) values of the actual phase shifters based on accurate library models are (46.997, 481.36), and for ideal components the values are (36.47, 10.44).