Voltage in current out (VICO) models are commonly used for induction machine (IM) emulation. This model does not provide the information of back-emf and hence cannot be used for open circuit fault emulation. A current in voltage out model (CIVO) is an alternate IM model where it provides back-emf information. However, the CIVO model cannot be used directly with the conventional emulator configuration. Hence, in this paper, a new emulator configuration has been proposed to accommodate the CIVO model. The model is used in a new emulator configuration by incorporating physical emulator parameters. The paper further discusses the upgrade of the model considering saturation nonlinearities. The emulator employing such a model mimics the real induction machine back-emf with high accuracy. The proposed emulator is tested for different gate driver faults such as single switch and multiple switch open faults, starting and speed changing conditions. The experimental results are validated with a 5 hp machine. Different fault signatures are also identified with the help of the emulator to help with fault diagnosis and localization.