The purpose of this paper is to present a parameterized electromechanical model taking into account both the electromagnetic nature of the forces acting inside a magnetic bearing and the general rotating machinery aspects, as well as their interactions. This model specifically includes the effect of induced currents. These induced currents in the bearings are submitted to inductive and resistive effects, as well as skin effect, and the influence of these effects is considered. It is shown that the stability of a bearing may be analyzed, based on this model. The parameters of the model are identified from experimental results for an existing semi-passive magnetic bearing, and it is shown that the forces predicted by the model are close to experimental measurements.