We investigate the effect of mechanical damping and electrical conductivity on the dynamic performance of a new electromagnetic engine valve actuator that employs a permanent magnet. The key dynamic performance factors are the transition time and the landing velocity of the armature. Two-dimensional dynamic finite element analyses are performed to simulate a coupled system. The results show that mechanical damping and electrical conductivity have similar effects on the dynamic performance of the engine valve actuator. Subsequently, it is possible to replace the role of mechanical damping by controlling the electrical conductivity through the thickness and number of steel core laminations.