An induction machine model is proposed for the identification of rotor parameters using high-frequency signal injection. The model includes both the magnetic saturation caused by the fundamental-wave components and the frequency dependence encountered in the signal injection method. Both the skin effect in the rotor winding and the eddy current losses in the rotor core are taken into account. Sinusoidal signal injection is used at several frequencies, and the model parameters are fitted to the results. The rotor leakage inductance and the rotor resistance valid at low slip frequencies are also obtained from the model directly. Experimental results for a 45-kW machine are presented. It is shown that the model fits well to the measured data in various operating points, and the accuracy of the identified parameters is good.