Accurate information on Induction Motor (IM) speed is essential for robust operation of vector controlled IM drives. Simultaneous estimation of speed provides redundancy in motor drives and enables their operation in case of a speed sensor failure. Furthermore, speed estimation can replace its direct measurement for low-cost IM drives or drives operated in difficult environmental conditions. During torque transients when slip frequency is not controlled within the set range of values, the rotor electromagnetic time constant varies due to the rotor deep-bar effect. The model-based schemes for IM speed estimation are inherently more or less sensitive to variability of IM electromagnetic parameters. This paper presents the study on robustness improvement of the Model Reference Adaptive System (MRAS) based speed estimator to variability of IM electromagnetic parameters resulting from the rotor deep-bar effect. The proposed modification of the MRAS-based speed estimator builds on the use of the rotor flux voltage-current model as the adjustable model. The verification of the analyzed configurations of the MRAS-based speed estimator was performed in the slip frequency range corresponding to the IM load adjustment range up to 1.30 of the stator rated current. This was done for a rigorous and reliable assessment of estimators’ robustness to rotor electromagnetic parameter variability resulting from the rotor deep-bar effect. The theoretical reasoning is supported by the results of experimental tests which confirm the improved operation accuracy and reliability of the proposed speed estimator configuration under the considered working conditions in comparison to the classical MRAS-based speed estimator.