In this article, a rotor magnetic potential (RMP) model is proposed, which can accurately describe the rotor surface magnetic potential distribution under the interaction of multi-excitation sources. Furthermore, a new magnetic equivalent circuit (MEC) model is used to model the complex saturation in the bridge region, which employs an improved nonlinear reluctance modeling method. Then, the unknown parameters in the RMP model are obtained by solving the MEC model. In this article, the RMP model and MEC model are combined to consider the stator and rotor saturation effects, and the magnetic field is calculated accurately. Compared with the existing RMP model, the proposed one can take into account the effects of the stator saturation and PM magnetic field. Compared with the existing MEC and equivalent magnetic network (EMN), the area of the nonlinear reluctance in this paper varies with excitation conditions, which can accurately consider the saturation effects in the bridge region. This improvement can improve calculation accuracy on the basis of reducing the number of nonlinear reluctances. Moreover, the proposed method does not need to consider the change of the air-gap reluctances caused by rotor rotation. Finally, the proposed method is verified by both finite element analysis and experiments.