In this study, an improved model of the electric propulsion system is proposed in order to analyze the performance of large-size multicopter unmanned aerial vehicles. The main improvement of the proposed model is to reflect the armature reaction of the motor, which effectively explains the significant performance degradation in high-power operation. The armature reaction is a phenomenon, in which the main field flux is interfered by a magnetic flux and, as the size and output of the motor increase, the effect of armature reaction also rapidly increases. Therefore, the armature reaction must be considered for the optimal design and performance analysis of large-size multicopter platforms. The model proposed in this study includes several mathematical models for propellers, motors, electric speed controllers, and batteries, which are key components of the electric propulsion system, and they can calculate key performance data, such as thrust and torque and power consumption, according to given product specifications and input conditions. However, estimates of the armature reaction constants and heat profiles of motors need to be obtained in advance through experimental methods, since there is not yet enough data available in order to derive an estimation model. In conclusion, a comparison with the static thrust test of some commercial products confirmed that the proposed model could predict performance in the high-power operation of electric propulsion systems for large multicopter platforms, although some errors were noted.