In this paper, we propose a precise parameter extraction of interior permanent magnet (IPM) motors based on finite element analysis. For the calculation of the two-axis inductances Ld and Lq, the slotting effect and cross magnetization due to torque angle are considered. It is examined that back electro-motive force (BEMF) constant is affected by the magnetic saturation in different ways dependent on motor types. Numerical analyses and some measurements are performed for a spoke type and a flux barrier type IPM motors