—With the development of IC technology, it becomes urgent to investigate model reduction method for interconnects with process variations. In this paper, a one-shot projection algorithm (OPM) is proposed to generate a projection matrix that is independent of statistically varying parameters. As a result, construction of the reduced system can be decoupled with the Monte Carlo analysis in either frequency domain or time domain. Therefore, without loss of accuracy, OPM can obtain a reduced system in much less CPU time compared with the previous perturbation scheme. Numerical results have demonstrated the advantages of the proposed OPM.