A high-frequency lumped-element model of the setup for time-domain characterization of power inductors is presented. Each block of the setup is separately modelled and its parameters are optimized to fit the impedance characteristics obtained by measurements or electromagnetic simulations. The extracted model of the complete setup is validated by measurements in time domain. The voltage measured across the power inductor and the current through it are compared to the time-domain waveforms obtained by simulations. The extracted model can be used to correctly reproduce the inductor voltage and current waveforms for various operating conditions, such as different switching frequencies and peak-peak current values.