The prediction and calculation of eddy current losses occurring in permanent magnets (PMs) of electrical machines is of great interest. Most accurate results are achieved using 3-D finite-element (FE) simulations, which require long computation times and elaborate models. Due to this, 3-D methods are only applied in the final stage of the machine design process. This paper presents different methods to calculate eddy-current losses in PMs by 2-D FE simulations. A radial 2-D FE solver in combination with an axial 2-D FE solver is developed enabling the prediction of the eddy current paths in three dimensions with the associated losses. This approach is applicable to both surface mounted and interior PMs.