Contactless electrical power transfer through an air gap is a revived technology for supplying energy to many movable applications including Maglev. In this paper, magnetic equivalent circuits and analytical models of contactless electrical power transfer systems are developed and evaluated through experiment. Overall coupling coefficient and overall efficiency are introduced as means for evaluating the systems’ performance. Compensating capacitors in primary and secondary sides of the systems improve the overall coupling coefficient and overall efficiency. Using the analytical models, the effects of different parameters and variables such as air gap and load current are analyzed to give a high coupling coefficient and an improved efficiency of power transfer for different compensation structures.