A combined analytical and FEM method for prediction of the no-load voltage waveform of laminated salient pole synchronous generators is presented in this article. Very precise prediction of the no-load voltage, including saturation effects as well as the effects of the currents in the damper bars is achieved by combination of magnetostatic 2D finite element simulations for calculating the magnetic coupling between the machine windings and of an analytical resolution. At the same time simulation time is drastically reduced, compared to transient magnetic 2D finite element simulations. The method was verified on several examples, comparing the obtained results (damper bar currents and no-load voltage) to results obtained from transient magnetic finite element simulations and in one case to the measured no-load voltage.