The readout methods for inductively coupled resonance sensors were simulated using a lumped element model. The purpose of the study was to analyze the readout methods at high frequencies where the self-resonance of the reader coil is likely to interfere with the measurements. Furthermore, the changes in the reading distance cause measurement errors. This phenomenon was studied using simulation. In addition, an algorithm that compensates these errors was tested. The simulation results were in agreement with the test measurements. In addition, the tested error compensation improved the resonance frequency estimates calculated using the simulated and measured data.