The crankshaft dynamics model is of vital importance to a multitude of aspects on engine diagnostics; however, systematic investigations of such models performance (especially for large two-stroke diesel engines that are widely used in the power generation and shipping industries) have not been reported in the literature. This study aims to cover this gap by systematically investigating the parameters that affect the performance of a two-stroke diesel engine crankshaft dynamics model, such as the numerical scheme as well as the engine components inertia and friction. Specifically, the following alternatives are analysed: (a) two optimal performing numerical schemes, in particular, a stiff ordinary differential equations (ODE) solver and a fast solver based on a piecewise Linear Time-Invariant (LTI) scheme method, (b) the linear and the non-linear inertia-speed approaches, and (c) three engine friction submodels of varying complexity. All the potential combinations of the alternatives are investigated, and the crankshaft dynamics model performance is evaluated by employing Key Performance Indicators (KPIs), which consider the results accuracy compared to the measured data, the computational time, and the energy balance error. The results demonstrate that the best performing combination includes the stiff ODE solver, the constant inertia-speed approach and the most simplistic engine friction submodel. However, the LTI numerical scheme is recommended for applications that require fast response due to the significant savings in computational time with an acceptable compromise in the model results accuracy.