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A systematic analysis and an optimization are presented for an electrodynamic suspension Maglev system based on the Halbach magnet arrays that promises to develop a feasible Maglev system. The magnetic field was modeled using scalar potential and Fourier series methods and then confirmed with the corresponding finite element method (FEM) result. The optimization of the array was derived based on the performance index defined as the ratio of the square of flux to the magnet weight of a unit volume. The study results were applied to the Maglev system at the University of Central Florida for measuring the current capability and optimizing the performance while gaining some insight into the system stability.