This paper is aimed at presenting refined finite element modelling used for dynamic analysis of large rotating machines. The first part shows an equivalence between several levels of modelling: firstly, models made of beam elements and rigid disc with gyroscopic coupling representing the position of the rotating shaft in an inertial frame; secondly full three-dimensional (3D) or 3D shell models of the rotor and the blades represented in the rotating frame and finally two-dimensional (2D) Fourier model for both rotor and stator. Simple cases are studied to better understand the results given by analysis performed using a rotating frame and the equivalence with the standard calculations with beam elements. Complete analysis of rotating machines can be performed with models in the frames best adapted for each part of the structure. The effects of several defects are analysed and compared with this approach. In the last part of the paper, the modelling approach is applied to the analysis of the large rotating shaft part of the power conversion unit of the GT-MHR nuclear reactor.