Incompliance of the settings of the system to control actual values of the parameters of a variable frequency induction electric drive may sometimes result in complete non-operability of a variable frequency electric drive as well as in the considerable reduction of the dynamic quality parameters. Such parameters as active rotor resistance, rotor inductance, and inductance of the magnetization circuit are available for the immediate measuring. They are not identified in terms of the acceptance tests, and the values presented in catalogues and reference books are calculated ones that may differ considerably from the real values of a certain machine. Despite constant studies by the researchers, a task to identify electromagnetic parameters of the equivalent circuit of an induction motor is still important and topical. The objective of the paper is to develop a method of online-identification of the electromagnetic parameters of an induction motor making it possible to implement accurate regulator adjustment of the frequency control system in terms of operational changes in the driving motor parameters. For the first time, the paper analyzes a steady mode of induction motor operation which does not apply T-network of the equivalent circuit of an induction motor. An approach has been proposed relying on the equation of an induction motor in three-phase fixed coordinate system obtained on the basis of the theory of generalized electromechanical converter.