Magnetic couplings (MCs) enable contactless speed/torque transmission via interactions between the magnetic fields of permanent magnets (PMs) rather than a physical mechanical connection. The contactless transmission of mechanical power leads to improvements in terms of efficiency and reliability due to the absence of wear between moving parts. One of the most common MC topologies is the coaxial type, also known as the radial configuration. This paper presents an analytical tool for the accurate and fast analysis of coaxial magnetic couplings (CMCs) using a two-dimensional subdomain approach. In particular, the proposed analytical tool resolves Laplace’s and Poisson’s equations for both air-gap and PM regions. The tool can be used to evaluate the impact of several design parameters on the performance of the CMC, enabling quick and accurate sensitivity analyses, which in turn guide the choice of design parameters. After discussing the building procedure of the analytical tool, its applicability and suitability for sensitivity analyses are assessed and proven with the analysis of a fully parameterized CMC geometry. The accuracy and the computational burden of the proposed analytical tool are compared against those of the finite element method (FEM), revealing faster solving times and acceptable levels of precision.