The Hybrid Electric Propulsion System (HEPS) is considered a promising solution for future green aviation. Compared to traditional turbine-based aero propulsion systems, the diagnosis and health management of HEPS pose greater challenges due to the added complexity of the electric power (microgrid) component. This paper focuses on the assessment of electric faults in serial HEPS configurations, with methodologies also applicable to parallel architectures. Based on Failure Mode, Effects, and Criticality Analysis (FMECA), digital twin modeling and simulations of both single and compound fault dynamics are conducted for common HEPS motor faults. The system model comprises two primary subsystems: the turboshaft engine and the microgrid. The microgrid further includes secondary subsystems such as motor, motor controller, generator, and energy storage system models, all developed using first-principles. The simulated fault dynamics show strong agreement with reported benchmarks, validating the effectiveness of the proposed model in supporting fault diagnosis.