One of the important tasks of current energy power industry is to increase the reliability of induction motors operation. A promising direction for monitoring their technical condition is application of methods of spectral analysis of signals. However, very little attention is paid to the diagnostic assessment of induction motors as a part of a variable frequency drive, as well as the use of frequency converters for diagnostic purposes. Therefore, the issues related to monitoring the condition of induction motors with variable frequency drives are relevant and require scientific research. The purpose of the study is experimental evaluation of the possibility to use the spectral analysis method to assess the technical condition of induction motors driven by frequency converters. The research has been carried out on AIR71A6 induction motor with a serviceable rotor winding and one broken rotor bar rotor winding. The internal magnetic field is considered as a diagnostic signal in steady-state and start-up mode. The condition has been evaluated based on the determination of harmonics in the amplitude spectrum from the dummy rotor winding. A Short Time Fourier Transform is used for signal processing. The spectra of the internal magnetic field have been obtained at start-up and in steady-state mode when the engine is fed by an autotransformer and frequency converter. A diagnostic sign of the presence of broken bars, that is an increase of harmonic amplitudes from the dummy rotor winding, manifested itself not only when the electric motor is fed by an autotransformer, but also frequency driven. Comparing the amplitudes of harmonics in the presence and absence of a frequency converter allows us to conclude that interference of the converter slightly affect the amplitudes of specific harmonics. Using the example of an internal magnetic field signal, it is shown that spectral analysis methods can be used to diagnose the induction motors condition with a variable speed drive.