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The paper considers conditions of mining machinery electric drives operation and analyzes the causes of insufficient reliability. To improve the reliability and efficiency of induction motors the authors propose the computer system designed for dynamic identification of electric motors to monitor their parameters and variables, which are estimated on operating equipment in real time. Operation of the system allows calculating unmeasurable quantities and is based on the mathematical model of the induction motor as well as mathematical methods of estimation and the information contained in the measured phase voltages and currents of the stator. For dynamic mode the mathematical model of the motor’s state and the measurement part were developed and certain results were obtained. Real-time information can be used for both control and management of electric motors, function testing, protection, forecasting as well as acceptance testing of electric motors in mining machinery electric drives to identify their individual data and quality control of the industrial processes in the manufacture or repair of motors.