A method of manufacture of an integrated circuit package system includes: providing a base package substrate including: forming component contacts on a component side of the base package substrate, forming system contacts on a system side of the base package substrate, and forming a reference voltage circuit between the component contacts and the system contacts; mounting a first integrated circuit die on the component contacts; mounting a lead frame on the first integrated circuit die and coupled to the component contacts; and isolating a conductive shield from the lead frame, the conductive shield coupled to the reference voltage circuit.