An advanced induction motor model that includes stator leakage saturation, rotor leakage saturation, magnetizing saturation, and distributed system effects in the rotor circuits has been set forth. This model is considerably more accurate than traditional models, particularly in terms of predicting switching-frequency dynamics. The model proposed is very general in terms of the range of magnetic properties that can be incorporated. This paper provides suggestions for specific forms for the leakage and magnetizing characteristics and derives the resulting small-signal impedance and large-signal steady-state equivalent circuit. Based on these results, a test procedure for experimentally characterizing the machine is developed. The application of the procedure to a 50-hp test machine is included as an example.