Electromagnetic interference (EMI) filters play a crucial role in power electronic systems by effectively attenuating unwanted EMI noise and ensuring compliance with strict regulatory standards. However, the presence of parasitic components and complex circuitry of EMI filter makes EMI attenuation increasingly challenging. Accurate characterization of EMI filters is therefore essential for their design, optimization, and integration into compact and complex power electronic converters. A novel method for extracting parameters of EMI filters is presented in this paper. The method involves first measuring the impedance between several terminals or ports of the EMI filter. Based on these measurements, the parameters of the filter components are extracted. The common mode (CM) and differential mode (DM) circuits of the EMI filter are modeled separately, and then combined into an equivalent circuit model that includes parasitic parameters. This approach allows for a comprehensive understanding of the filter’s performance and enables the precise determination of both the primary and parasitic parameters of the EMI filter components. This method not only enhances the accuracy of EMI filter characterization but also provides valuable insights for improving filter performance in various applications.