Parallel-in-time methods are emerging to accelerate the solution of time-consuming problems in different research fields. However, the complexity of power system component models brings challenges to realize the parallel-in-time power system electromagnetic transient (EMT) simulation, including the traveling wave transmission lines. This paper proposes a system-level parallel-in-time EMT simulation method based on traditional nodal analysis and the Parareal algorithm. A new interpretation scheme is proposed to solve the transmission line convergence problem. To integrate different kinds of traditional EMT models, a component-based EMT system solver architecture is proposed to address the increasing model complexity. An object-oriented C++ implementation is proposed to realize the parallel-in-time Parareal algorithm based on the proposed architecture. The results on the IEEE-118 test system show 2.30x speed-up compared to the sequential algorithm under the same accuracy with 6 CPU threads, and a high parallel efficiency around 40%. The performance comparison of various IEEE test cases shows that the system's time-domain characteristics determine the speed-up of Parareal algorithm, and the delays in transmission lines significantly affect the performance of parallel-in-time power system EMT simulations.