This paper presents a combined analytical and finite-element (FE) method for computation of the no-load voltage waveform of laminated salient-pole synchronous generators. The described method takes into account saturation effects as well as the damper bar currents due to the slot pulsation field. The method calculates first the damper bar currents and then includes them in the calculation of the no-load voltage. The combination of magnetostatic two-dimensional (2-D) FE simulations for calculating the magnetic coupling between the machine windings and of an analytical resolution results in a very precise prediction of the no-load voltage. At the same time, simulation time is drastically reduced compared with transient magnetic 2-D FE simulations. The method was verified on several examples, comparing the obtained results (damper bar currents and no-load voltage) with results obtained from transient magnetic FE simulations and, in one case, with the measured no-load voltage.