In the present time, the multi-phase Permanent Magnet Synchronous Machines (PMSMs) are being popular in the industries with efficient performance. In future, the multi-phase Permanent Magnet(PM) synchronous machines may be used in the variable speed drive applications, especially in renewable energy generation. Therefore, an accurate simulation model is needed for variable speed applications of PMSMs. Therefore, in this paper, we have attempted to make variable speed PMSMs simulation models in the latest MATLAB/Simulation environment. We have developed three phase and five phase variable speed PMSM machines models and compared the performance of both. For performance comparison, three motor parameters have been used; these are stator currents, rotor speed and electromagnetic torque. In the simulation models, two control loops have been used for efficient performance of the motor. The inner loop is used to control the speed of the motor and outer loop is used to control stator currents. The PI controller has also been used for motor controlling purpose. Finally, we can say that, the five phase variable speed PMSM motor model gives encouraging results as compared to three phase PMSM motor. In future, proposed simulation models may be used in various power electronics and drives applications, and experimental analysis of these models is needed.