A method for identifying a magnetization-axis inductance and a torque-axis inductance of a permanent magnet motor of an elevator, the method comprising: applying, by a brake controller, at least one hoisting machinery brake to prevent rotation of a rotor of the permanent magnet motor, determining, by a first method, a mean value of motor inductance, as well as the magnetization-axis inductance and the torque-axis inductance as relative inductance values based on the mean value, wherein the first method comprises at least supplying a continuous excitation signal represented by an excitation vector having a constant amplitude and a constant frequency to the windings of the permanent magnet motor; determining, by a second method, being different than the first method, a mean value of motor main inductances, wherein the second method comprises: i) supplying a predetermined DC voltage to the windings as a main voltage between two phases of the permanent magnet motor, ii) interrupting the DC voltage, measuring a rate of decrease of the motor current, and iii) determining a first main inductance based on the DC voltage and the rate of decrease of the motor current, calculating other main inductances of the motor by repeating the method steps i) - iii) for other pairs of phases, calculating the mean value of the main inductances; and determining absolute values of the magnetization-axis and the torque-axis inductances based on the mean value of motor main inductances obtained by the second method and the relative inductance values obtained by the first method. applying, by a brake controller, at least one hoisting machinery brake to prevent rotation of a rotor of the permanent magnet motor, determining, by a first method, a mean value of motor inductance, as well as the magnetization-axis inductance and the torque-axis inductance as relative inductance values based on the mean value, wherein the first method comprises at least supplying a continuous excitation signal represented by an excitation vector having a constant amplitude and a constant frequency to the windings of the permanent magnet motor; determining, by a second method, being different than the first method, a mean value of motor main inductances, wherein the second method comprises: i) supplying a predetermined DC voltage to the windings as a main voltage between two phases of the permanent magnet motor, ii) interrupting the DC voltage, measuring a rate of decrease of the motor current, and iii) determining a first main inductance based on the DC voltage and the rate of decrease of the motor current, calculating other main inductances of the motor by repeating the method steps i) - iii) for other pairs of phases, calculating the mean value of the main inductances; and i) supplying a predetermined DC voltage to the windings as a main voltage between two phases of the permanent magnet motor, ii) interrupting the DC voltage, measuring a rate of decrease of the motor current, and iii) determining a first main inductance based on the DC voltage and the rate of decrease of the motor current, calculating other main inductances of the motor by repeating the method steps i) - iii) for other pairs of phases, calculating the mean value of the main inductances; and determining absolute values of the magnetization-axis and the torque-axis inductances based on the mean value of motor main inductances obtained by the second method and the relative inductance values obtained by the first method.