A passive macromodel for lossy, dispersive multiconductor transmission lines uses a multiplicative approximation of the matrix exponential known as the Lie product. The circuit implementation of the macromodel is a cascade of elementary cells, each cell being the combination of a pure delay element and a lumped circuit representing the transmission line losses. Compared with passive rational macromodeling, the Lie product macromodel is capable of efficiently simulating long, low-loss multiconductor transmission lines while preserving passivity. This result is combined with transmission line theory to derive a time-domain error criterion for the Lie product macromodel. This criterion is used to determine the minimum number of cells needed in the macromodel to assure that the magnitude of the time-domain error is less than a given engineering tolerance.