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A pantograph–catenary system (PCS) – an essential component to supply a high-speed train (HST) – faces a variety of new challenges due to the continuously increasing train speeds. The HST traction system receives power via an electrical contact between the pantograph strip and the high-voltage contact wire. This electrical contact is subject to serious mechanical shocks and significant electrochemical corrosion, making the modelling of the dynamic processes complicated, especially under high-speed and heavy-load conditions. The damage to the PCS – which is particularly noticeable at the edges of the pantograph strip – may become severe as the speed of the train rises. Moreover, as the speed increases, the distribution of the electrical current in the strip becomes uneven due to the velocity skin effect (VSE). To assess the impact of the VSE on the performance of PCSs, a multi-physics model has been created and is reported in this study. The model has been validated through experiments and the main aspects of its functionality – such as the VSE, friction, and air convection – have been identified and analysed at different speeds. The impact of speed on the traction current and the behaviour of thermal sources have been explored. With the increasing speed, the phenomenon of current clustering at the trailing edge of the strip becomes quite dramatic, resulting in a thermal surge in the region of the strip with high current density. To mitigate the negative impact caused by VSE in the PCSs, an improved kriging optimisation methodology has been utilised to optimise the parameters of the PCS. Recommendations regarding the optimal design of the PCS are put forward to improve the current-carrying performance and reduce the local temperature rise in the strip.