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Electromagnetic transient program (EMTP) simulators are being widely used in power system dynamics studies. However, their capability in real-time simulation of power systems is compromised due to the small time step used and relatively slow simulation speed. The shifted frequency analysis (SFA) is then proposed to accelerate the EMTP simulations for power system dynamics. The objective of this paper is to extend the SFA method to model the induction machines in EMTP. By analyzing the relationship between rotor and stator physical variables, a phase-coordinate model with lower number of equations is first derived. Based on this, an SFA model is proposed as a general purpose model capable of simulating both fast transients and slow dynamics. Case study results have confirmed the SFA induction machine model is a valuable component for real-time EMTP simulations. It is observed that the SFA model is in excess of 70 times faster than the standard EMTP model when simulating dynamics with frequency spectra close to the fundamental power frequency.