Self-sensing techniques are a commonly used approach for electromagnetic actuators since they allow the removal of position sensors. Thus, costs, space requirements, and system complexity of actuation systems can be reduced. A widely used parameter for self-sensing is the position-dependent incremental inductance. Nevertheless, this parameter is strongly affected by electromagnetic hysteresis, which reduces the performance of self-sensing. This work focuses on the design of a hysteresis-compensated self-sensing algorithm with low computational effort. In particular, the Integrator-Based Direct Inductance Measurement (IDIM) technique is used for the resource-efficient estimation of the incremental inductance. Since the incremental inductance exhibits a hysteresis with butterfly characteristics, it first needs to be transformed into a B-H curve-like hysteresis. Then, a modified Prandtl–Ishlinskii (MPI) approach is used for modeling this hysteretic behavior. By using a lumped magnetic circuit model, the hysteresis of the iron core can be separated from the air gap, thus allowing a hysteresis-compensated estimation of the position. Experimental studies performed on an industrial switching actuator show a significant decrease in the estimation error when the hysteresis model is considered. The chosen MPI model has a low model order and therefore allows a computationally lightweight implementation. Therefore, it is proven that the presented approach increases the accuracy of self-sensing on electromagnetic actuators with remarkable hysteresis while offering low computational effort which is an important aspect for the implementation of the technique in cost-critical applications.