The most common type of electric vehicle traction motor is the interior permanent magnet synchronous motor (IPMSM). For IPMSM designs, engineers make use of the magnetic equivalent circuit method, which is a lumped constant circuit method, and the finite element method, which is a distributed constant circuit method. The magnetic equivalent circuit method is useful for simple design through fast and intuitive parameters, but it cannot derive the distribution of the magnetic field. The finite element method can derive an accurate magnetic field distribution, but it takes a long time and is difficult to use for analysis of intuitive design parameters. In this study, the magnetic equivalent circuit method and Carter’s coefficient were combined for rotor structure design and accurate identification and analysis of circuit constants. In this paper, this design method is called the hybrid magnetic equivalent circuit method. Intuitive design parameters are derived through this hybrid magnetic equivalent circuit method. The air gap flux density distribution according to rotor shape, no-load-induced voltage, and cogging torque was analyzed and compared to results of the finite element method. The proposed method was found to achieve a short solving time and acceptably accurate results.