In this paper, an application of the Harmonic Balance Method (HBM) for analysis of Axial Flux Permanent Magnet Generator (AFPMG) is carried out. Particular attention was paid to development of mathematical model equations allowing to estimate the machine properties, without having to use quantitative solutions. The methodology used here allowed for precise determination of Fourier spectra with respect to winding currents and electromagnetic torque (both quantitatively and qualitatively) in steady state operation. Analyses of space harmonic interaction in steady states were presented for the three-phase AFPMG. Satisfactory convergence was between the results of calculations and measurements which confirmed the initial assumption that the developed circuit models of AFPMG are sufficiently accurate and can be useful in the diagnostic analyses, tests and the final stages of the design process.