The negative impact of the displacement currents on the operation of electromagnetic converters results in additional losses and faster insulation degradation, as well as the self-resonance phenomenon. Effective measurement of the dielectric displacement currents in converters is quite complex; thus, advanced simulation programs should be used. However, currently, they do not enable the analysis of the systems in terms of the displacement currents distribution. In order to elaborate an effective tool for analyzing the distribution of the displacement currents by means of the Finite Element Method, we have decided to supplement the well-known reluctance-conductance network model with an additional capacitance model. In the paper, equations for the linked reluctance-conductance-capacitance network model have been presented and discussed in detail. Moreover, we introduce in the algorithm the Harmonic Balance Finite Element Method (HBFEM) and the Fixed-Point Method. This approach enables us to create a field model of electromagnetic converters, which includes the electromagnetic core’s saturation effect. The application of these methods for the reluctance-conductance-capacitance model of the finite element has allowed us to develop a practical tool ensuring complex analysis of the magnetic flux, eddy, and the displacement currents’ distribution in electromagnetic converters with an axial symmetrical structure.