This article presents a new parametric magnetic equivalent circuit (MEC) for modeling a new permanent magnet resolver (PM-Resolver) with adjustable accuracy. Pole saliency of the rotor is considered based on a function and air-gap permeances are computed in such a way that different types of eccentric rotor can be modeled for the first time. Moreover, this comprehensive method makes it possible to evaluate PM-Resolver performance with different geometry in both healthy and faulty conditions by a unique model. Hence, both healthy and eccentric PM-Resolver with various rotor structures are modeled, where the position accuracy and its sensitivity to the eccentricity fault are studied. It is shown that the analyzed resolver has acceptable accuracy in position estimation, but the error increases due to the mentioned fault. Finally, the MEC results are validated by 2D-EM and experimental results to show the effectiveness of the proposed modeling technique. In general, the model flexibility and shorter processing time can be considered as the proposed MEC advantages over finite element method (FEM).