The inductive fault current limiter is less compact and harder to scale to high voltage networks than the resistive one. Nevertheless, its simple construction and mechanical robustness make it attractive in low voltage grids. Thus, it might be an enabling technology for the advent of microgrids, low voltage networks with dispersed generation, controllable loads and energy storage. A new methodology for reverse engineering of inductive fault current limiters based on the independent analysis of iron cores and HTS cylinders is presented in this paper. Their electromagnetic characteristics are used to predict the devices' hysteresis loops and consequently their dynamic behavior. Previous models based on the separate analysis of the limiters' components were already derived, e.g. in transformer like equivalent models. Nevertheless, the assumptions usually made may limit these models' application, as shown in the paper. The proposed methodology obviates these limitations. Results are validated through simulations.