A Permeance Netvvork Analysis (PNA) of the dynamic behavior of a three phase Switched Reluctance Motor fed from a full-bridge inverter is presented. The non-linear effects due to global and local saturation are taken into consideration as well as the mutual coupling between phases. All permeances in the magnetic circuit are analytically computed in order to reduce the overall computation time in view of a future integration with an optimization process. The switching technique is also integrated within the PNA model. A validation of the obtained results is provided using finite element analysis and experimental measurements.