We suggest a practical approach for modeling frequency-dependent losses in ferrite cores for circuit simulation. Previous work has concentrated on the effect of eddy-current losses on the shape of the B--H loop, but in this paper we look at the problem from the perspective of energy loss and propose a different network for accurately modeling power loss in ferrite cores. In power applications, the energy loss across the frequency range can have a profound effect on the efficiency of the system, and a simple ladder network in the magnetic domain is not always adequate for this task. Simulations and measurements demonstrate the difference in this approach from the RL ladder network models both in the small-signal and large-signal contexts.