Protection against lightning-induced voltages is a particularly critical issue, especially for smart grids, due to the presence of electronic-based equipment, as well as control and monitoring devices. Analysis of the severity of the induced voltages is then imperative; on the other hand, the random nature of the lightning phenomenon cannot be disregarded. In this paper, the severity of lightning-induced voltage is analyzed by means of a probabilistic approach which, starting from closed-form solutions, uses a Monte Carlo procedure. Parametric distributions that best fit the distributions of the induced voltages are investigated as well. The results show that the lognormal and the generalized extreme value distributions are the best candidates.