The wide applications of vector control improve the high-accuracy performance of alternating current (AC) adjustable speed system. In order to obverse the full-order flux and calculate the real-time speed, this article introduces the motor Tequivalent circuit to build a full-order flux observer model, where the current and flux variables of stator and rotor are adopted. Model reference adaptive control is introduced to build the AC motor flux observer. The current output is used as feedback to build the feedback matrix. The calculation method of motor speed, which is part of the inputs of flux observation, is applied to realize the adaptive control. The concept of characteristic function is introduced to calculate the flux, of which the foundation is the variables of composite form of voltage and current models. The characteristic function is deduced as a relative-state variable function. The feedback matrix is improved and designed to ensure the motor flux observer is a smooth switch between current and voltage model in low and high speeds, respectively. Experimental results show that the feedback and characteristic model are feasible, and the vector control with speed sensorless based on the full-order flux observer has better performance and anti-disturbance.