This study sets forth an equivalent electric circuit (EEC) model including core losses and phase interactions to obtain a more accurate steady and dynamic performance of the high speed switched reluctance motor (SRM) during the design, analysis, and control of the SRM drive system. The magnetic equivalent circuit (MEC) method is used to calculate the flux linkage and torque quickly and relative accurately. Based on the principle of transformation between the MEC and EEC, the EEC model is derived from the MEC model. To enhance the model precision, the dynamic core losses and phase interactions are analysed and added to the EEC model. The relationship between the phase current and virtual current corresponding to different parts is deduced. Then the simulation model of the whole SRM driver systems is established in MATLAB/Simulink to obtain the phase current and virtual current corresponding to a different portion. The experimental and simulated results of the static MEC model and the whole SRM drive system including the EEC model provide the conclusive evidence for validating their practicability.