The paper presents the model of vector controlled induction motor. Induction motor model is carried out in reference frame, fixed on stator. Elaborated model of the drive is suitable for investigation dynamics because output signals appear as real currents, flux linkages and other variables. Vector control law model is implemented for variables in synchronous reference frame; therefore controller operates with transformed variables. Structure of designed model reflects the real variable speed drive. Model of vector controlled induction drive comprise model of induction motor, feedback signals and blocks as well as speed and flux reference blocks and controllers for producing motor supply signals. Feedback blocks are used for calculation stator current vector in the rotor flux linkage reference frame. For flux and speed control are designed lag controllers. Between advantages of that model is additional simulation of current channel law.