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In this paper, a low-time-consuming and low-cost sensorless-control algorithm for high-dynamic performance permanent-magnet synchronous motors, both surface and internal permanent-magnet mounted for position and speed estimation, is introduced, discussed, and experimentally validated. This control algorithm is based on the estimation of rotor speed and angular position starting from the back electromotive force space-vector determination without voltage sensors by using the reference voltages given by the current controllers instead of the actual ones. This choice obviously introduces some errors that must be vanished by means of a compensating function. The novelties of the proposed estimation algorithm are the position-estimation equation and the process of compensation of the inverter phase lag that also suggests the final mathematical form of the estimation. The mathematical structure of the estimation guarantees a high degree of robustness against parameter variation as shown by the sensitivity analysis reported in this paper. Experimental verifications of the proposed sensorless-control system have been made with the aid of a flexible test bench for brushless motor electrical drives. The test results presented in this paper show the validity of the proposed low-cost sensorless-control algorithm and, above all, underline the high dynamic performances of the sensorless-control system also with a reduced equipment.