This paper presents a motor characteristics analysis method using an equivalent circuit. Motor characteristics analysis via equivalent circuit is very important for designing a high efficiency single phase induction motor. The accuracy of the motor characteristics depends on the accuracy of the parameters, especially saturation factor, which determines the cyclical relationship in the analysis process. Therefore, using the proposed method, the saturation factor was calculated using the iteration routine and numerical technique. The proposed method was verified by comparing the finite element method results and the dynamo test results of manufactured prototype model.