This paper presents an efficient full-wave time-domain simulator for accurate modeling of PIN diode switches. An equivalent circuit of the PIN diode is extracted under different bias conditions using a drift-diffusion physical model. Net recombination is modeled using a Shockley-Read-Hall process, while generation is assumed to be dominated by impact ionization. The device physics is coupled to Maxwell's equations using extended-FDTD formulism. A complete set of results is presented for the on and off states of the PIN switch. The results are validated through comparison with independent measurements, where good agreement is observed. Using this modeling approach, it is demonstrated that one can efficiently optimize PIN switches for better performance.