The evaluation of the performance of ultrasonic motors as a function of input parameters such as the driving frequency, voltage input and pre-load on the rotor is of key importance to their development and is here addressed by means of a finite element three-dimensional model. First the stator is simulated as a fully deformable elastic body and the travelling wave dynamics is accurately reproduced; secondly the interaction through contact between the stator and the rotor is accounted for by assuming that the rotor behaves as a rigid surface. Numerical results for the whole motor are finally compared to available experimental data.