Spin in frictional rolling contact can cause significant stress, which is the key to understanding and predicting the wear and fatigue behavior of contact components, such as wheels, rails, and rolling bearings. The lateral creep force arising from spin influences the kinematics of a wheelset and thus of vehicles. The solution that is currently employed in the field of elasticity and continuum statics was developed by Kalker and uses a boundary element method (BEM). In this paper, a new approach based on Lagrangian explicit finite element (FE) analysis is employed. This approach is able to consider arbitrary geometric profiles of rails and wheels, complex material behavior and dynamic effects, and some other factors. The new approach is demonstrated using a three-dimensional (3D) model of a wheel with a coned profile rolling along a quarter cylinder and can be easily adapted to apply to wheels and rails of arbitrary profiles. The 3D FE model is configured with elastic material properties and is used to obtain both normal and tangential solutions. The results are compared with those of the Hertz theory and the Kalker's model. The 3D FE model is then configured with elastoplastic material properties to study the spin-rolling contact with plasticity. The continuum dynamics phenomenon is captured by the FE model, which enhances the ability of the model to mimic reality. This improvement considerably extends the applicability of the FE model. The model can be applied to fatigue and wear analyses at gauge corners or rails as well as to deep groove bearings, where a large geometrical spin is present and plastic deformation may be of importance.