We supplement previous efforts toward describing a standardized vocabulary for mechanical failures by presenting the current state of an electromechanical failure mode taxonomy. Failure is defined in terms of the cause of the failure mode, the failure mode, and the effect of the failure mode that renders an electrical, mechanical or electromechanical device incapable of satisfactorily performing its intended function under normal usage conditions. We utilize an elemental physics of failure approach to define failure mode and then use this definition and literature review to develop the electrical failure modes presented in the taxonomy. The list of proposed electrical failure modes is tested against a set of NASA problem reports before being revised to include additional failure modes encountered in space applications. The resulting taxonomy is summarized in the form of 38 electrical failure modes organized into 13 categories. The final version of the electromechanical failure mode taxonomy will be combined with a functional modeling approach to predict potential failures during the conceptual stages of design.