In industry, the most frequently used motors are induction motors (IMs), reluctance motors, and permanent magnet synchronous machines (PMSMs). Nowadays because of higher efficiency with higher power density, PMSM attracts its uses in every field of application. Hence, a spoke shape interior PM-based synchronous motor (IPMSM) with distributed winding is considered to discuss in this paper. Also, there has always been a dispute between 2D and 3D analysis of electromagnetic parameters of machines. Therefore, this paper discusses the accuracy, advantages, and difficulty level of 2D and 3D FEM analysis of the IPM motor model by considering several electromagnetic with electromechanical parameters such as torque, flux linkage, eddy current loss, etc. The performance of five different core materials is also considered for comparison. These analyses are carried out by using ANSYS Maxwell software. Spoke shape IPMSM of 0.55 kW with 220 V, 50 Hz is considered for analysis. The 2D and 3D comparison results of parameters under magnetostatic and transient conditions are presented and verified with the results reported in the literature. 2D FEM analysis has given more value in case of torque, stator current, and magnetic flux density than 3D analysis where as 3D analysis is give good performance for flux linkage, back EMF, and eddy current losses. Significant percentage changes with respect to observed materials in the results of 2D and 3D cases are reported. Silicon Steel M36 suitability for stator and rotor core is also observed. This 2D and 3D FEM analysis clarifies accuracy prior to design motor.