Resolver is widely used in electric drive system especially for hybrid electric vehicles (HEV). A resolver system includes not only a variable-reluctance resolver but also an excitation circuit, shielding cables and a resolver-to-digital (R/D) IC as a multi-physics system with electrical, magnetic, mechanical and control characteristics. This paper studies a resolver for HEV electric motor, and proposes an integrated systematic approach using co-simulation between several commercial simulation tools to simulate the resolverpsilas electromagnetism using transient solver of the finite element method, the excitation and termination circuits, and the behavior model of Type II tracking closed loop algorithm used by the R/D IC. This systematic approach paves way for a high accuracy system level simulation, fault analysis and trouble shooting, etc., which can be used to develop component design, DFMEAs and system integration that match performance in the field and not just a simplified model. A bench test of the presented resolver system is completed to make correlation to validate the model, and the analysis of some fault conditions is provided to make concept proof of this method.