This paper presents a dynamic-phasor-based, average-value modeling method for power systems with extensive converter-tied subsystems. In the proposed approach, the overall system model is constructed using modular functions, interfacing both conventional and converter-tied resources. Model validation is performed against detailed Electro-Magnetic Transient (EMT) simulations. The analytical capabilities offered by the proposed modeling method are demonstrated on a modified IEEE 9-bus system. A Graphics Processing Unit (GPU)-based parallel computing approach for the solution of the resulting model is presented and exemplified on a modified IEEE 118-bus system, showing significant improvements in computing efficiency over EMT solvers. A co-simulation approach using a Central Processing Unit (CPU) and a GPU is also presented and exemplified using a modified version of the IEEE 118-bus system, demonstrating the model’s parallelization.