We report gallium nitride (GaN) vertical merged pn-Schottky (MPS) diodes with T-shaped p-GaN shielding rings (SRs). The embedded T-shaped SR features an overlapped depletion region by the lateral and vertical p n junctions under reverse bias condition, which can effectively enhance the charge coupling effect and homogenize the 2-D electric field distribution. In the meantime, the incorporation of the T-shaped SRs can minimize unnecessary depletion of the vertical conduction channel and guarantee a decent current spreading through the drift region. The impact of the key design parameters on the reverse breakdown and forward conduction performance are investigated systematically. We found that the doping concentration and the geomatical shape of the T-shaped p-GaN SRs are closed related to the electric field distribution and forward current conduction behavior, which determines the reverse breakdown and forward conduction performance. With optimum design parameters of the T-shaped SRs, the breakdown voltage of the MPS diodes features a dramatic improvement to 2749 V from 1123 V in conventional MPS diodes. The results can provide a design strategy for high performance vertical GaN power diodes towards high-power and high-frequency applications.