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Due to their significant performance, Phase-Shifted Full-Bridge Converters (PSFBCs) have gained widespread adoption in medium- and high-power applications. The performance of a PSFBC is greatly influenced by its magnetic components, namely the transformer and resonance inductor. To address these challenges, this paper proposes a parameter optimization of magnetic components for PSFBCs, specifically the transformer turns ratio and resonance inductor value, to enhance conversion efficiency and minimize operational loss. A digital twin of PSFBCs enabling a more accurate loss estimation is proposed to achieve this objective. The proposed loss estimation method precisely calculates the effective and circulation intervals and the corresponding current points of the primary-side transformer current, resulting in improved accuracy. By leveraging the digital twin, the effects of transformer turns ratio and resonant inductor value on the conversion efficiency of a PSFBC can be efficiently simulated. This facilitates the parameter optimization of magnetic components, thereby minimizing operational losses across different application scenarios. This paper also designs and implements a PSFBC prototype with a rated input voltage of 380 V, output voltage of 24 V, and output current of 20 A. The experimental results show the influences of transformer turns ratio and resonant inductor value on the PSFBC and validate the proposed digital twin. The proposed parameter optimization of magnetic components is further evaluated across two application scenarios with varying utilization rates. The simulation results indicate a reduction of approximately 14% in operational loss per hour after applying the parameter optimization of magnetic components for the PSFBC used as a battery charger. The results demonstrate the effectiveness and practicality of the proposed digital twin in designing PSFBCs.