The paper presents a simplified multibody model of a soft mounted electrical machine for theoretical vibration analysis, considering different kinds of rotor eccentricity. The most important dynamic eccentricities in electrical machines—eccentricity of rotor mass, magnetic eccentricity, and bent rotor deflection—are analyzed. The aim of the paper is not to replace a detailed three-dimensional finite-element calculation by a simplified plane multibody model, but to show the mathematical correlation between rotor dynamics, electromagnetic influence, oil film characteristics of the sleeve bearings, the influence of a soft foundation, and excitations by different kinds of rotor eccentricity, based on a simplified analytical model. Beside the absolute orbits of the rotor, stator, shaft journals, and bearing housings, also the relative orbits between rotor and stator and between shaft journals and bearing housings are mathematically described. In addition to these theoretical considerations, a numerical example for a soft mounted 2-pole induction motor is also shown. Finally, the paper shows the possibility of optimizing the system—electrical machine and foundation—regarding vibrations, caused by rotor eccentricities.