The paper presents the functional simulation model and performance analysis of permanent magnet synchronous motor (PMSM) drive. The control of PMSM is achieved using vector control technique which provides decoupled control of flux and torque. Using a proportional integral (PI) controller in the speed loop, a closed loop control scheme has been implemented and tested at different operating conditions. The switching functions for inverter are generated with hysteresis and sinusoidal pulse width-modulation (SPWM) current control techniques. In addition, a comparative evaluation of hysteresis and PWM current controller designs is made based upon the magnitude of current ripple and torque pulsation. The validity of proposed models is verified with the help of several informative simulation results in Matlab/Simulink environment.