A grounding electrode has the transient grounding impedance characteristics against lightning surges. So the performance of grounding electrodes should be evaluated as a grounding impedance as well as the ground resistance. The frequency-dependent grounding impedance is varied with the shape and size of grounding electrode and is divided into both inductive and capacitive behaviors. This paper presents a theoretical analysis for the grounding impedance determined by the size of grounding electrode using the distributed parameter circuit model. EMTP and Matlab programs were used in calculating the frequency-dependent grounding impedances of vertical grounding electrodes. It was found that the frequency-dependent grounding characteristics of vertical grounding electrodes are characterized by the distributed parameters which are changed in the dimension of grounding electrodes.