As the primary power source for ships, the reliability of electric propulsion systems directly impacts the safety, stability, and economic efficiency of maritime operations. However, the composition of ship electric propulsion systems is complex and is continuously exposed to the dynamic and variable marine environment, which complicates their reliability modeling and analysis. This paper introduces a novel approach to reliability modeling for electric propulsion systems based on the Modelica language. The aim is to overcome the limitations of traditional reliability modeling methods by considering the heterogeneity, dynamicity, and interactivity of electric propulsion systems. The approach addresses system heterogeneity through multi-domain modeling, captures environmental dynamics through parametric modeling, and establishes device interactions using Modelica language connectors. Additionally, modeling efficiency is enhanced by reusing device model packages, which benefits system optimization. Using a specific ship's electric propulsion system as a case study, the modeling process and simulation results are presented to demonstrate the effectiveness and flexibility of the proposed approach. This approach offers a new tool for reliability modeling of complex electromechanical systems and contributes to enhancing the accuracy and efficiency of system reliability assessments.