This paper presents a technique by which the steady-state performance of a grid-connected permanent-magnet induction generator (PMIG) can be predicted more accurately. By applying the topological principle of duality, an equivalent circuit of the PMIG is derived that takes into consideration the core loss as well as the permanent-magnet (PM) excitation. The nonlinear parameters in the equivalent circuit are modeled using curve-fitting methods. Experimental results performed on a 2.2-kW prototype PMIG demonstrate the accuracy of the proposed technique.