In this paper the strategy of the extraction of an advanced simulation model of interior permanent magnet synchronous machine is suggested in order to be employed by Model Predictive Control schemes. The conventional dq-axis mathematical model is modified in order to include data derived from finite element analysis (FEA). Indirect interaction between FEA and circuit simulation enhances model fidelity embodying the influence of saturation and cross-coupling effects. The proposed method of developing a detailed simulation model opens new prospects on the control of electrical machines.