The parameters of the induction motor model vary as operating conditions change. Accurate knowledge of these parameters and their dependency on operating conditions is critical for optimal field oriented control. This paper presents a systematic approach to modeling an induction motor considering operating conditions. All parameters are assumed to vary as a function of the operating conditions. The parameters are estimated from transient data using a constrained optimization algorithm. The parameters are mapped to the operating conditions using polynomial functions and artificial neural networks. The model is validated for both steady state and transient conditions.