This paper deals with the performance analysis and estimation of the electrical parameters of a permanent magnet synchronous generator (PMSG) for hydrokinetic energy conversion applications using vortex induced vibration (VIV). The analytical solutions for the magnetic fields produced by permanent magnets (PMs) and stator winding currents are obtained using a 2D polar coordinate system and a magnetic vector potential. An analytical expression for the 2D permeance is also derived, which takes into account stator skew effects. Based on these magnetic field solutions and the 2D permeance function, electrical circuit parameters such as the backemf constant and the air-gap inductance are obtained analytically. The performances of the PMSG are investigated using the estimated electrical circuit parameters and an equivalent circuit (EC). All analytical results are validated extensively using 2D finite element (FE) analyses. Experimental measurements for parameters such as the back-emf and inductance are also presented to confirm the analyses.