Epoxy varnishes are of high relevance to advanced steel laminates for the transformation of electric energy. Structure–property correlations of epoxy varnishes, coil coatings and electrical steel laminates are poorly described. Hence, the main objective of this paper was to develop, implement and evaluate well-defined waterborne model epoxy varnishes for electrical steel laminates, and to elucidate structure–property correlations. Adhesives with systematically varied equivalent epoxy weight (EEW) based on bisphenol-A-diglycidyl ether (DGEBA) were investigated and used to formulate waterborne varnishes. Crosslinking agent dicyandiamide (DICY) was added in an over-stoichiometric ratio. The waterborne model varnishes were prepared by shear emulsification at elevated temperatures. The model varnishes in the A-stage were applied to electrical steel using a doctoral blade. At a peak metal temperature of 210 °C, the coatings were cured to the partly crosslinked B-stage. Coated steel sheets were stacked, laminated and fully cured to C-stage at 180 °C for 2 h. For laminates with an epoxy adhesive layer in the C-stage, glass transition temperatures (TG) in the range of 81 to 102 °C were obtained by dynamic mechanical analysis in torsional mode. Within the investigated EEW range, a negative linear correlation of EEW and TG was ascertained. Presumably, higher EEW of the varnish is associated with a less densely crosslinked network in the fully cured state. Roll peel testing of laminates at ambient and elevated temperatures up to 140 °C confirmed the effect of EEW. However, no clear correlation of roll peel strength and glass transition temperature was discernible. In contrast, fatigue fracture mechanics investigations revealed that hydroxyl functionality and crosslinking density were affecting the crack growth resistance of laminates in a contrary manner. The energy-based fracture mechanics approach was much more sensitive than monotonic peel testing.