The article presents an approach to determining the electric drive’s operability based on an asynchronous motor with a short-circuited rotor and a two-link frequency converter. Mathematical description of the frequency-controlled electric drive is performed, in particular, selection of criteria taking into account an electric and mechanical part. The harmonic current distortion coefficient as a component of the power coefficient is used for the determination of the energy criterion. The mechanical criterion is the coefficient of the electromagnetic moment pulsation, on the value of which the conjugated equipment depends. The operability field is represented as a function of three variables: (a) rotor speed, (b) current harmonic distortion coefficient, and (c) electromagnetic moment pulsation coefficient. The obtained surface makes it possible to determine the actual state of the electric drive and to estimate the reserve of operability, which allows reducing the operating costs in terms of repair and maintenance.