During flux weakening operation time (FWOT), the total iron loss rises and affects the accuracy of loss prediction and efficiency especially if a large range of FWOT exists. Iron loss prediction is widely employed in investigations for a fast electrical machine analysis using 2-D FEA. This paper studies harmonic loss analytically by a steady-state equivalent circuit. Consideration of skin effects and iron saturation are utilized in order to examine the accuracy through the relative error distribution in the frequency domain of each model from 50 to 700 Hz. Additionally, this comparative study presents a torque-frequency-flux density calculation over each single term of the modified IEM-formula. The analytical calculation is performed using 2-D FEA for a classic and modified IEM-formula along with experimental verifications on a surface-mounted PMSG for a wind generation application.