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This paper presents an efficient method for modeling 3-D magnetic plates used in low-frequency magnetic shielding. An extended formulation of partial element equivalent circuit is introduced. Both induced current and magnetization densities in the plates are approximated by an analytical function across plate thickness. The proposed method eliminates the need of plate meshing along its thickness, and reduces the number of unknowns significantly in 3-D shielding problems. The method is validated numerically with a small shielding structure, and experimentally with a large shielding structure. It is found that the method is reasonable in accuracy and efficient in computation, and is applicable to 3-D shielding structures having large thin conductive and magnetic plates.