The new revision of the main instrument transformer standard, IEC 61869-1:2023, premiered requirements for the performance of instrument transformers in terms of transfer accuracy at higher frequencies. Five accuracy class extensions were introduced to establish an explicit performance level. Each of the extension levels has a distinct bandwidth and accuracy performance associated with it. While these requirements are mainly aimed at non-conventional instrument transformers, the hypothesis of this paper is that conventional high-voltage instrument transformers can have a performance conformant to the above-mentioned requirements. Specifically, the focus of this paper will be on open-core inductive voltage transformers, which inherently exhibit an improved frequency response in comparison to their conventional closed-core counterparts. The main aim of this paper is to present a relevant transformer model based on a lumped parameter equivalent diagram. This model considers the actual mutual coupling (both capacitive and inductive) of the transformer windings. The model is created in EMTP software, and the output yields a frequency response characteristic of the transformer. The model will be validated with test results obtained through measurements on actual 123 kV, 245 kV, and 420 kV inductive voltage transformers.