The paper presents an accurate and cost effective three-dimensional finite element model for the analysis and design of wound core, shell type, power transformers, focusing on the short-circuit impedance evaluation. The model efficiency lies on the detailed representation of the transformer geometry along with the adoption of a particular reduced scalar potential formulation enabling three-dimensional magnetostatic problem solution without prior source field calculation. Its accuracy is validated through local field measurements and through comparison of the calculated short-circuit impedance value with the measured one for several commercial wound core, shell type transformers. In such transformers, involving extensive winding parts out of the core window, the detailed representation of the transformer geometry, including the winding cooling ducts, provides accurate results for low densities of the three-dimensional finite element mesh, resulting to reduction of the required calculation time. The model is used in the development of a computational tool, which enables the automated and accurate transformer characteristics prediction, adopted to the manufacturing process. This tool has also been applied in the impedance calculation for different winding connections of dual voltage transformers, thus providing the information needed for the achievement of an accurate design and the enhancement of the manufacturer's ability to reduce design margins. The methodology presented in this paper has been incorporated in the design process of a transformer manufacturing industry.