A levitation system based on sidewall electrodynamic suspension (EDS) is considered for a capsule vehicle, which is a next-generation high-speed transportation system currently being studied. This levitation system does not require controlling of the gap between the guideway and the vehicle on which the superconducting electromagnet is mounted. However, when the vehicle is operated in a levitated state, the ride comfort is worse than that of the levitation system based on electromagnetic suspension (EMS), making it necessary to develop methods that can ensure good riding comfort. In addition, because the EDS system is complex and nonlinear with a combination of electromagnetics and mechanical dynamics, it is complicated to analyze the dynamic characteristics of the capsule vehicle, and the corresponding numerical analysis is time-consuming. Therefore, to easily understand the running dynamics of a capsule vehicle in the sidewall EMS system, the magnetic suspension characteristics corresponding to the primary suspension are simply modeled by considering the levitation stiffness in the vertical direction and the guidance stiffness in the lateral direction, similar to that in the case of the mechanical suspension. In this study, mathematical models of the levitation and guidance stiffnesses with respect to the speed and position of a vehicle body running at high speeds in a levitated state in the sidewall EDS system were derived for three design proposals of the levitation coil. The dynamic behavior of the vehicle based on the three design proposals was investigated by simulating a capsule vehicle model with 15 degrees of freedom.