Condition-based maintenance is a maintenance strategy which can be employed for monitoring the condition of rolling element bearings (REBs). For that purpose, the physics-based modelling of these machine elements is an interesting approach. There is a wide range of REBs regarding their internal configuration, dimensions and operating conditions. In this paper, a methodology to create a physics-based mathematical model to reproduce the dynamics of multiple kinds of REB is presented. Following a multi-body modelling, the proposed methodology takes advantage of the reusability of models to cover a wide range of bearing configurations, as well as to generalise the dimensioning of the bearing and the application of the operating conditions. The methodology is proved to be valid by its application to two case studies. Simulations of a deep-groove ball bearing and a cylindrical roller bearing are carried out, analysing their dynamic response as well as analysing the effects of damage in their parts. Results of the two case studies show good agreement with experimental data and results of other models in literature.