This document presents a digital wave formulation (DWF) method for solving the quasi-static partial element equivalent circuit (PEEC) method in the time domain. The standard PEEC model is transformed into a wave digital network by using wave variables and defining wave digital circuit elements corresponding to inductors, capacitors, resistors, sources, and connections. This allows the PEEC model to be solved as a wave digital network using a digital wave simulator (DWS). A numerical example compares the proposed DWF-PEEC solver to a standard SPICE solver, showing the DWF-PEEC method provides accurate results with significant speed-up in computation time.