This paper provides a general framework for electromagnetic (EM) modeling, sensitivity analysis, computation, and measurements regarding the wave propagation characteristics of high-voltage direct-current (HVDC) power cables. The modeling is motivated by the potential use with transient analysis, partial-discharge measurements, fault localization and monitoring, and is focused on very long (10 km or more) HVDC power cables with transients propagating in the low-frequency regime of about 0-100 kHz. An exact dispersion relation is formulated together with a discussion on practical aspects regarding the computation of the propagation constant. Experimental time-domain measurement data from an 80-km-long HVDC power cable are used to validate the electromagnetic model, and a mismatch calibration procedure is devised to account for the connection between the measurement equipment and the cable. Quantitative sensitivity analysis is devised to study the impact of parameter uncertainty on wave propagation characteristics. The sensitivity analysis can be used to study how material choices affect the propagation characteristics, and to indicate which material parameters need to be identified accurately in order to achieve accurate fault localization. The analysis shows that the sensitivity of the propagation constant due to a change in the conductivity in the three metallic layers (the inner conductor, the intermediate lead shield, and the outer steel armor) is comparable to the sensitivity with respect to the permittivity of the insulating layer. Hence, proper modeling of the EM fields inside the metallic layers is crucial in the low-frequency regime of 0-100 kHz.