Multi-conductor　transmission　line　(MTL)　model　of　power　transformer　winding　for　frequency　response　analysis　(FRA)　has　been　successfully　applied　for　the　purpose　of　studying　the　characteristics　of　winding　deformations.　Most　of　the　time　it　is　considered　that,　at　a　frequency　above　10　kHz,　the　flux　does　not　penetrate　the　core,　and　the　iron　core　losses　due　to　hysteresis　and　eddy　current　can　be　neglected　accordingly.　However,　In　fact,　there　is　still　a　little　flux　residing　In　the　core,　and　it　has　a　significant　influence　on　inductances　and　resistances　of　transformer　winding　even　up　to　approximately　1　MHz.　In　this　paper,　by　introducing　the　anisotropic　complex　permeability　of　the　lamination　core　into　calculating　inductances　and　resistances　of　the　MTL　model,　a　new　MTL　model　considering　the　frequency-dependent　property　of　the　lamination　core　for　FRA　is　presented.　In　addition,　the　accuracy　and　effectiveness　of　the　MTL　model　are　validated　by　means　of　a　comparison　between　measured　and　emulated　FRA　results　In　a　wide　frequency　range　from　10　Hz　up　to　10　MHz.　This　precise　MTL　model　of　the　transformer　winding　provides　us　a　more　objective　and　positive　condition　for　simulation　research　of　winding　deformation　detection.