A novel online discrete-time parameter identification algorithm suitable for surface-mounted permanent magnet synchronous machines (SPMs) is presented in this paper. It is developed by means of the model reference adaptive system technique and the Popov Hyperstability Criterion in order to identify SPM discrete-time model parameters. In particular, good accuracy of discrete-time parameters is required by digital control systems, particularly by predictive control algorithms, which present a low robustness against parameter mismatches. Hence, an extensive simulation study is first carried out in the Matlab Simulink environment with the aim of testing the effectiveness and robustness of the proposed identification algorithm against inverter unidealities. Then, the proposed identification procedure is experimentally validated on a predictive controlled radial-flux SPM, driven by a field programmable gate arrays control board.