High operating frequency is an enabler of high key performance indicators, such as increased power density, in electrical machines. The latter enhances the cross-coupling of resistive–inductive–capacitive phenomena in windings, which may lead to significant loss in performance and reliability. The full-wave Maxwell’s equations can be employed to characterize this coupling. To address the frequency instability that arises as a result, a simplification known as the Darwin formulation can be employed, where the wave propagation effects are neglected. Still, this modification is prone to ill-conditioned systems that necessitate intricate pre-conditioning and gauging steps. To overcome these limitations, a fast 2D formulation is derived, which preserves the current continuity conservation along the model depth. This implementation is validated experimentally on a laboratory-scale medium-frequency transformer. The computed impedances for the open- and short-circuit modes of the transformer are validated using measurements and compared with the multi-conductor transmission line model that is widely adopted for the analysis mentioned above. The developed formulation demonstrates a high accuracy and outstanding frequency stability in a wide frequency range, becoming an efficient and computationally light method to investigate the interconnected resistive, inductive, and capacitive effects in windings.