Hydropower generators withstand multiple forces from diverse sources during operation. To ensure their stability and safe performance, numerical tools are developed to characterize their dynamic properties. Traditionally, generators are assumed to be rigid in rotordynamic analyses. However, the measurements in power stations challenge this assumption. This article proposes a novel approach to modeling hydropower generators with floating rotor rims using a three-dimensional (3-D) Finite Element Method, aiming to study their dynamic performance and properties, including natural frequencies, the modes of vibrations, and expansion due to centrifugal and electromagnetic forces, with the goal of improving the reliability of modern designs. Both this approach and employing a two-dimensional (2-D) model using curved beams result in similar in-plane natural frequencies and the expansion of the rotor rim due to centrifugal forces. However, the 3-D model can be used to calculate the out-of-plane natural frequencies and modes, to model the dynamics of complex geometries, and to perform stress evaluation and fatigue analysis.