Phase Shifting Transformers (PST) are used to control or block certain flows of real power through phase angle regulation across the device. Its functionality is crucial to special situations such as eliminating loop flow through an area and balancing real power flow between parallel paths. Impedance correction tables are used to model that the impedance of phase shifting transformers often vary as a function of their phase angle shift. The focus of this paper is to consider the modeling errors if the impact of this changing impedance is ignored. The simulations are tested through different scenarios using a 37-bus test case and a 10,000-bus synthetic power grid. The results verify the important role of impedance correction factor to get more accurate and optimal power solutions.