In this paper, a model of an electromagnetic system with two levitating magnets is presented. Modeling was performed using the results of experiments. The data obtained make it possible to fit the magnetic forces between two magnets using a 5th order polynomial. The time series show that dry friction constitutes an important part of damping forces. The differential equations of motion consider strong nonlinearities of magnetic and damping forces. These terms cause the nonlinear hardening effect. The energy recovered by magnetic induction is dissipated in the resistors. Numerical simulations show that resistance has an impact on magnet dynamics and energy recovery. From the resonance characteristics obtained, optimal resistance is determined when energy recovery is the highest.