During field 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 due to a large voltage drop that was rooted from the resistance of the used material. Iron loss prediction is widely employed in investigations for a fast electrical machine analysis using 2D finite element analysis (FEA). This paper proposes harmonic loss analytically by a steady-state equivalent circuit with a novel procedure. 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-field density calculation over each single term of the modified institute of electrical machines formula (IEM-Formula). The proposed analytical calculation is performed using 2D FEA for a classic and modified IEM-Formula along with experimental verifications on a surface-mounted permanent magnet synchronous generator (PMSG) for a wind generation application.