This paper proposes a novel current measurement method with Silicon Steel Current Transformer (SSCT) for the characterization of fast switching power semiconductors. First, the existing current sensors for characterization of fast switching power semiconductors are experimentally evaluated regarding three essential qualities: high bandwidth, suitable physical size, and galvanic isolation. Then, the proposed current measurement method with SSCT is mathematically analyzed, which proves that the proposed method has the capability of measuring fast switching current. Simultaneously, it compensates the mechanical size limitations of the Pearson current monitor. Finally, experimental studied are carried out with both discrete Silicon Carbide (SiC) MOSFET and high current (1000A) Silicon (Si) IGBT power modules. The experimental results validate the effectiveness of the proposed method.