FOC current and speed limits
The peak current and maximum speed of the motor are related to failure modes. The motor manufacturer knows what effects are avoided by setting limits on the speed and current, but all the use normally needs to know is the limits. If you were to ask the manufacturer, they may or may not reveal that information.

The motor's rotor will have been dynamically balanced at some speed to some vibration limit. Operating above that limit is likely to shorten the life of the bearings. Just considering normal wear mechanisms, bearing life will be shortened with operation at high speeds even if the balance is good.

Centrifugal force on the rotor could cause it to fail. Depending on the construction, magnets could become dislodged due to centrifugal force or vibration.

The thermal effects of current would be related to RMS current rather than peak current. However, there may be a risk of demagnetization at some level of peak current.

A great deal of detailed information about the motor design would be required to simulate the effects of exceeding the peak current and maximum speed ratings. With the proper information, you could probably simulate motor, but that would not make much sense as part of a controller simulation.