In this paper, we reformulate the quasi-static spectral domain analysis (SDA) applicable to a lossy anisotropic multilayer asymmetric coplanar waveguide (ACPW). The SDA formulation also incorporates two-layer model of a conductor thickness and the concept of effective permeability to account for the low frequency dispersion due to the magnetic field penetration in an imperfect conductor. The paper further presents the single layer reduction (SLR) formulation and circuit model to compute frequency dependent line parameters of a lossy anisotropic multilayer ACPW. The accuracy of formulation is comparable to that of the HFSS and CST, without using complex and time consuming full-wave methods. The results of CST for εeff, Z0, αd, αc of multilayer ACPW, in the frequency range 1 GHz-100 GHz, deviate from results of HFSS up to 0.49%, 1.53%, 2.06% and 10.73% respectively; whereas corresponding deviations of the present SDA and SLR combined formulation are up to 1.38%, 2.09%, 3.57% and 8.87%.