The paper deals with the problem of position and speed estimation methods in SRM (Switched Reluctance Motor) drive equipped with hysteresis band current controller with MRAS (Model Reference Adaptive System) type observer. An adaptive flux model uses equation set of one-dimensional equations instead of one two-dimensional equation. The reference model is the formal one. Instead of measured current the observer utilizes reference current. Such drive system works well at speed range up to 600 rad/s. The observer's gains must change depend on the speed range. The robustness on motor parameter poor estimation is presented.