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This paper presents a new accurate fault location algorithm for parallel transmission lines based on the distributed parameter line model. The new method requires only voltages and currents from one end of parallel lines. Based on sequence networks and boundary conditions, equations can be derived to obtain the fault location. The new method fully considers shunt capacitance of the line, and mutual impedance and mutual admittance between the lines by using accurate model for both positive- and zero- sequence circuits, and obviates the need of iterative process to compensate for the capacitance. The method is independent of fault resistance, remote infeed and source impedances. EMTP simulation studies have been conducted to generate fault cases under various fault conditions to validate the proposed method. The results have shown that the developed algorithm can achieve highly accurate fault location estimates.