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The model-based analysis of a switched reluctance machine, which has significant losses in the iron core, requires the machine to be represented by parameters that account for nonlinearities caused by both the magnetic saturation and the iron losses. This paper describes the methodology for determining the parameters of the equivalent electric circuit that includes the representation of iron losses. The parameters are derived from measurements performed under static conditions. The methodology is verified by comparing the dynamically measured results for the pull-out force against the results predicted by the model that is based on the equivalent circuit.