The significance of the Electoral College in U.S. presidential elections lies in its unique method of electing the President and Vice President. Rather than a direct popular vote, citizens cast ballots for electors pledged to vote for specific candidates. This system, established by the U.S. Constitution, reflects a compromise between direct popular elections and congressional selection. It gives disproportionate influence to smaller states and can result in situations where a candidate wins the presidency without winning the popular vote. This has led to ongoing debates about its fairness and effectiveness.