The augmented linearized state matrix model is commonly used in the small signal analysis of power systems. However, the mathematical implementation of this model is complicated for implementation, which brings inconvenience to small-signal stability analysis. In view of this, this paper presents a new type of power system linearization model based on matrix pencil. The eigen-analysis techniques including shift-invert transformation, sensitivity analysis, controllability and observability analysis based on the new model are given. The new model, which is with higher sparsity, is easy to implement and is suitable for small signal analysis of large-scale power systems. The correctness of the new model is verified with typical system examples.