^ That.
Once you know the current/torque gain and EMF/RPM gain, you can model the motor and drivetrain as an equivalent RLC network. Note that the motor itself has DCR in series. The load manifests in parallel, along with core loss* and windage loss.
*Core loss varies with RPM, due to skin effect. This is probably unlikely to matter on large, slow motors, but may be noticeable on small, high speed motors. Or odd builds with thick laminations, or solid cores. Depends on geometry.
This applies most directly to PMDC machines. For electromagnetic types (series, parallel or mixed field), connect the field accordingly, and set EMF proportional to field strength.
If the motor is AC, this also still applies, but you must drive frequency proportional to EMF (because the EMF actually arises from frequency * flux), and AC-specific effects show up (phase angle, the necessity for a rotating field or initial velocity to begin motion).
And if it's not a synchronous (PMAC) machine, you again need to add the term for rotor field. Which, for an induction (non-synchronous) machine, it's induced by the stator field; the rotor is a shorted turn on a transformer, and it's also a shorted turn wrapped around a huge chunk of steel, so it has a quite long time constant (100s ms, actually!). That means, once a current has been induced into it, it tends to continue to flow. So, once rotating, it acts much like a PMAC machine. But then rotor current would decay, there needs to be some reason for the rotor current to be maintained. As it happens, the rotor current itself rotates around the rotor -- and this happens at exactly the slip frequency. Which if you didn't know, is why induction motors are always listed a bit below synchronous speed, say 1700-1750 RPM for a 4 pole machine at 60Hz. The difference, the 50-100 RPM slip, gives the rotor field rotation rate.
The direct consequence of the flux limitation (voltage proportional to frequency), is very weak torque at low RPM for an induction machine.
PMAC machines have constant rotor field, so can deliver full torque from a stop, just as PMDC machines can. A rotating field is required, so these are always* multiphase. (It should be no surprise why they are in such high demand for automobiles!)
*There are single phase "BLDC" (actually PMAC + driver) motors; the reason they start is a lucky initial kick. AFAIK, they can't be used for general applications with heavy loads; they're great for loads that have very little startup torque, like fans and blowers.
Tim