Variable speed induction motor drives operating with an open circuit phase fault generally have a high harmonic current content and impose a large torque ripple on the load. These effects result from the unbalanced nature of the faulted machine, and under these conditions, the effects of machine and converter non-linearities become more pronounced. It is important to include these non-linearities when modelling drive systems which may operate under fault conditions, and developing fault ride-through control algorithms. This paper proposes a modelling method for induction motor drives which includes machine saturation and space harmonics effects as well as inverter non-linearities, which does not require significant computation times. Results from an experimental test rig are presented to validate the model. The second part of the paper describes how the model was used to develop a new fault ride through control strategy for a voltage-fed vector controlled drive. Experimental results demonstrate the improved drive behaviour with an open-circuit winding fault when controlled with the new strategy.