Power distribution networks are the major source of noise coupling in high-speed and high-density electronic packages and printed circuit boards. We present the integral equation hybrid with the modal decoupling as a simple and efficient method for the modeling of multilayered power distribution networks. In this method, the power distribution network is decoupled into three simple parts: power-ground planes, signal traces, and multihole vias. For the through-hole vias, we propose a nonequipotential transmission lines model to represent their parasitic circuits. An accurate and efficient de-embedding method is used to extract the parameters inside the models. It accounts for losses and irregular shapes of substrates and conductors. Finally, the equivalent circuits of each part of power distribution network are integrated to perform the system-level signal and power integrity analysis. The accuracy and efficiency of the proposed method are validated through comparison with the measurement and full-wave analysis.