Due to its unique and attractive characteristics, the induction motor (IM) has been widely used for years. How to design an IM with desired characteristics and how to realise high performance control for a given IM, these have always been hot research topics to many researchers. No matter what control technology is used to achieve high‐performance drive of IM, it depends on in‐depth understanding of motor parametric characteristics and their accurate acquisition. An effective determination method is proposed to improve the parameter accuracies of the equivalent circuit for induction motors by combining non‐rotor test with dual‐load test and using this method to measure and analyse the parametric characteristics of IM. Experimental validations are carried out on two induction motors with open‐slot rotor and closed‐slot rotor, respectively. Compared with the traditional methods, the proposed method has higher accuracy and can be an effective tool for design, control, and testing research of IM.