Large capacity induction machines have a great influence on short-circuit current level of industrial distribution network. Accurate calculation of the feedback current plays an important role in protection configuration and short-circuit current calculation. The motor speed changing during voltage drop is an important factor affecting the accuracy of feedback current calculation, regardless of the speed changing may cause error in feedback current calculation and affect the operation of protection. Using the positive and negative sequence steady-state equivalent circuit of induction motor and constant complex coefficient linear differential equations solving process, forced component and free component of stator/rotor flux linkage are solved. Then the induction motor feedback current formula in consideration of speed changing factor is deduced. Furthermore, the influence of speed on each component of the flux and feedback current is analyzed. The correctness of the proposed analysis is verified by the fifth electromagnetic transient model of induction motor in PSCAD/EMTDC simulation software.