The axial flux permanent magnet (AFPM) machines with the parallel magnetic circuit (PMC) rotor can effectively improve its torque density. The PMC rotor consists of two sub‐rotors, radial Halbach array permanent magnet (PM) and tangential PM. The magnetic fields generated by two sub‐rotors are not in the same 2‐D analytical planes. In this paper, an equivalent analytical model of PMC‐AFPM machines is proposed to solve this problem. The radial Halbach array PM rotor is equated to the axial Halbach array PM rotor based on the equivalent transformation principle. The exact subdomain models of equivalent axial Halbach array PM rotor and tangential PM rotor are built respectively and then superimposed to obtain the magnetic field distribution. The electromagnetic characteristics of the PMC‐AFPM machine under no‐load and load conditions are calculated by the proposed analytical model and compared with calculations of the finite element model (FEM). The results verify the accuracy of the equivalent analytical model. The comparative analysis of the AFPM machines with PMC rotor and tangential PM rotor verifies the advantage of PMC rotor configuration to improve the torque density. © 2024 Institute of Electrical Engineer of Japan and Wiley Periodicals LLC.