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This paper reviews current approaches to the electrical characterization and modeling of IC packages and interconnects. An overview of both frequency and time-domain measurement methods and summaries of equivalent circuit model selection and extraction methodologies are included. Additionally, an overview of numerical methods for electromagnetic modeling is included for completeness. Finally, relevant case studies from the literature are summarized to further supplement the discussed techniques. The focus is primarily on high-frequency signal related characterization and power integrity issues are not directly considered in this paper. This paper is presented in the context of the growing requirement for package and interconnection electrical models for high-speed and miniaturized systems.