The equivalent model of a permanent magnet (PM) plays an important role in electromagnetic system calculation. A type of subsection model for a PM bar is established, to improve the accuracy of the traditional equivalent circuit method. The mathematical expression, and its end verification condition, are presented. Based on the analytical method and finite element method, the leakage permeance calculation of a PM bar in an open magnetic circuit is investigated. As an example, for a given certain type of PM bar, the magnetic flux of each section is validated by experiment, and by simulation. This model offers a foundation for building a high accuracy equivalent magnetic PM model in an electromagnetic system.