This paper describes analytical and simulation tools to analyze the effects of Open Switch Fault (OSF) and Open Phase Fault (OPF) on five-phase PMSM designed for aerospace applications. For these demanding applications, the fault tolerance and the reliability of the PMSM as well as the power converter are of high great importance. The addressed work aims essentially to analyze the dynamic of the measured phase currents in post-fault operation with a real-time fault diagnostic purposes in the VSI. It starts with a presentation of the electric drive system structure and its control used in pre-fault and post-fault operation of the electric drive system. Then, fault mode effects analysis (FMEA) on the system is considered. It is based on the Generalized Vectorial Formalism (GVF) and Space Vector Theory (SVT). All results are verified analytically and through simulation software using Matlab/Simulator®. The theoretical development and the simulation results show that the five phase PMSM under inverter faults presents typical characteristics which can be used as better inputs variable for designing a high performance fault diagnostic and classification process.