A system for identifying magnetizing inductance and rotor resistance of an induction machine comprises an induction machine comprising a rotor and a stator, a DC voltage bus, and a DC-to-AC voltage inverter coupled to the DC voltage bus and to the induction machine. The system also comprises a controller configured to cause the DC-to-AC voltage inverter to apply a square-wave excitation to a plurality of phases of the induction machine, determine a stator resistance of the stator of the induction machine based on the square-wave excitation, and determine a rotor resistance of the rotor of the induction machine based on the square-wave excitation. The controller is also configured to calculate a magnetizing curve for the induction machine based on the stator and rotor resistances and control the induction machine to operate based on the magnetizing curve.