This paper proposes a procedure for the accurate modelling of the ring induction motors (RIMs), based on the Monte Carlo (MC) method and the relations presented in the relevant metrology guidelines. Modelling was carried out based on the measured data for the torque-slip characteristic (TSC) and using the equivalent circuit for the RIM. The parameters included an extended Kloss equation (EKE) and the associated uncertainties were determined using the MC method. The polynomial procedure was applied as a numerical tool to complement the MC method to determine the power losses in the stator iron and the relevant uncertainty. This is in line with international standards for the theory of uncertainty application in the field of engineering. The novelty of this paper refers to the accurate modelling of the RIMs obtained by determining the corresponding uncertainties. The procedure presented in this paper was developed based on the assumption that the parameters of the equivalent circuit are independent of the temperature, influence of core saturation, and the phenomenon of current displacement. Our procedure can be successfully used for both the theoretical calculations related to the modelling of the RIMs, and in practical applications involving detailed measurements and the corresponding uncertainties. The use of the MC method allowed for significant improvement in the modelling results, in terms of both the TSC and EKE.