Transient stability analysis (TSA) plays an important role in power system analysis to investigate the stability of power system. Traditionally, transient stability analysis methods have been developed using time domain simulation by means of numerical integration method. In this paper, a new approach is proposed to model power systems as an integrated circuit and simulate the power system dynamic behavior by integrated circuit simulator. The proposed method modeled power grid, generator, governor, and exciter with high fidelity. The power system dynamic simulation accuracy and efficiency of the proposed approach are verified and demonstrated by case study on an IEEE standard system.