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Abstract Accurate calculation of equivalent circuit parameters is a prerequisite for accurately calculating the large‐capacity synchronous condenser parameter model. Due to its special transient operating conditions, the high transient magnetic saturation effect during operation causes the non‐linearity and time‐varying of the equivalent circuit parameters. The field mutual leakage reactance is the critical factor affecting the field current, and the time‐varying of the equivalent circuit parameters is closely related to the field current. However, the existing equivalent circuit parameter calculation methods considering field leakage reactance cannot achieve time‐varying parameters. A calculation method of time‐varying equivalent circuit parameters based on a back propagation neural network algorithm is proposed, which solves the calculation problem of time‐varying equivalent circuit parameters considering field mutual leakage reactance. Then, a 300MVar condenser is taken as the research object, and the proposed method is used to simulate the different operating conditions of the condenser and verified by the finite element method and experiment. The results show that the method improves the calculation accuracy of the equivalent circuit parameter model, reduces the calculation time, and applies to different operating conditions.