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This paper presents the analysis of a surface-mounted permanent-magnet (SMPM) machine for the sensorless control scheme based on the high-frequency fluctuating voltage signal injection method. A simplified high-frequency model of an SMPM machine in the estimated rotor reference frame is developed and a sensorless rotor position and speed estimation algorithm is described. To support this, the high-frequency impedances of an SMPM machine are analyzed by finite-element analysis (FEA) and compared with measurement results using a pulsewidth-modulation (PWM) inverter system under various injection conditions. The results of the FEA and measurements are coincident with each other with some errors due to the nonlinear behavior of the PWM inverter and the SMPM machine. The analysis results give physical insights into selecting the injection conditions for sensorless operation of the SMPM machine even though adjustments considering nonlinear behaviors of PWM inverters are required in the actual operation for the desired performance. The experimental results of speed and position control using a commercial SMPM machine are presented based on the analysis of the SMPM machine for the sensorless control algorithm.