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In this paper we present a waveform relaxation approach for the transient analysis of 3-D electromagnetic problems using the partial element equivalent circuit (PEEC) method. Relying on weaker couplings among separated systems, a waveform relaxation scheme is proposed to accelerate the transient analysis of large electromagnetic problems. The results are compared with those obtained using a conventional PEEC formulation. They exhibit a significant speed-up while preserving the solution accuracy.