Transient faults (also known as soft-errors) resulting from high-energy particle strikes on silicon are typically modeled as single bit-flips in memory arrays. Most Architectural Vulnerability Factor (AVF) analyses assume this model. However, accelerated radiation tests on static random access memory (SRAM) arrays built using modern technologies show evidence of clustered upsets resulting from single particle strikes. In this paper, these observations are used to define a scalable fault model capable of representing fault multiplicities. Applying this model, a probabilistic framework for incorporating vulnerability of SRAM arrays to different fault multiplicities into AVF is proposed. An experimental fault injection setup using a detailed microarchitecture simulation running generic benchmarks was used to demonstrate vulnerability characterization in light of the new fault model. Further, rigorous fault injection is used to demonstrate that conventional methods of AVF estimation overestimate vulnerability up to 7× for some structures.