The keys is that a trace has inductance and resistance. And at more than a few kHz, the inductance dominates!
The inductance is given by the trace's characteristic impedance and length.
Then you can construct the PDN (power decoupling network) from the components used (model capacitors as C + ESR + ESL, using typical values for their sizes and ratings -- note that MLCCs have a body length, so are basically more trace length themselves: use this for estimating ESL), and yes, loads can be modeled as current sinks and resistance.
Whether a load is resistive, depends. Analog circuits tend to have a constant current characteristic (op-amps and such). Digital logic (CMOS) tends to be resistive. Switching supplies are negative resistance, but don't forget to account for their bypass capacitance as well (so, only negative up to a limiting frequency, until the capacitance dominates).
In any case, model the load as whatever combination of (+/-)R and CCS is necessary to get the correct DC and AC results. Or ignoring DC (since it's practically trivial), concentrate only on the dynamic impedance -- resistance and reactance.
You will find that a linear PDN can be modeled as a lumped equivalent transmission line, or lowpass filter, and so all the usual matters apply: very high, or very low, impedances cause reflections; nominal resistances cause termination (damping). More inductance and capacitance results in more attenuation at high frequencies, but itself must be dampened.
You'll typically design around the properties of components you have: say, using just enough inductance to get the required attenuation, while using enough electrolytic capacitors to keep |Z| low, and damped with the ESR.
Tantalum capacitors are preferred because their ESR is stable over time and temperature (just don't expose them to surge currents). Alternately, you can avoid conflict minerals and surge limits by using ceramic caps + external ESR resistor.
Tim