With the increase in renewable energy penetration, the traditional synchronous generator is gradually replaced, resulting in the decrease in system inertia level and the weakening of frequency modulation capability. In addition to synchronous inertia, load inertia of asynchronous motors also widely exists in power systems, but its effect on system frequency stability has not been fully studied. To this end, based on the detailed model of asynchronous motor, the amplitude–phase motion equation based on potential after transient reactance is proposed, and then the phase motion equation of potential after transient reactance is derived to evaluate the equivalent inertia of asynchronous motor under electromechanical time scale. The equivalent inertia of asynchronous motor is studied theoretically by building the system frequency response model. The results show that the equivalent inertia of asynchronous motor can essentially improve the system frequency stability, while showing time-varying characteristics due to the combined effect of slip frequency and rotor speed. The analyses are validated with time-domain simulation results. The proposed method lays a foundation for mechanistic understanding of the frequency characteristics of the equivalent inertia of asynchronous motors affected by active and reactive power and its influence on the system frequency characteristics.