The self-impedance of the steel rail, as the signal transmission medium in the electrified railway track circuit, has a direct impact on the track circuit’s transmission performance. The finite element method is the most common method for calculating rail impedance, although it has a number of drawbacks, including a complicated model, a long computation time, and poor accuracy. The partial element equivalent circuit (PEEC) approach is used in this paper to provide a method for determining rail self-impedance. Firstly, the rail equivalent method is determined by analyzing the physical model of the rail. Considering the skin effect, the PEEC model of the rail is established. The internal impedance of the rail can be obtained by solving the equivalent circuit. The external impedance considering the influence of the earth is calculated by the Carson impedance calculation formula, which is processed by the segmented linear approximation method. The rail’s self-impedance is determined using the two procedures together. Finally, the actual measurement data verified the PEEC method to calculate the rail impedance. Compared with the finite element method (FEM), the calculation accuracy of the PEEC method is higher. The current frequency, the height of the rail from the ground, and the earth’s conductivity impact on the rail’s self-impedance are analyzed. The results show that the PEEC technique can be used to calculate the rail’s self-impedance and that the impact of current frequency, rail height above the ground, and ground conductivity on the rail’s self-impedance may be accurately represented. The self-impedance computation of the track circuit provides a theoretical basis.