Five-phase induction machines (FPIM) have attracted notable interest in safety critical applications as well as wind energy generation systems. This is largely due to their additional degrees of freedom that retain the machine starting/running steadily under fault conditions. In the available literature, postfault operation of multiphase machines is typically implemented using two techniques: minimum losses (ML) or maximum torque per ampere (MT) strategies. The optimization embedded into the control strategy, however, mostly addresses minimization of the stator copper loss, while the effect of the rotor loss and core loss are discarded in the optimal current calculation. This paper revisits postfault operation of the FPIM under single open phase fault (1OPF) by including the effect of both rotor loss and core loss on the machine's optimal current calculation over the full achievable loading range. The proposed searching algorithm, which combines the advantages of both MT and ML techniques, attempts to minimize the total machine losses induced by the current components of both the fundamental \alpha \beta and the secondary xy subspaces. The theoretical findings have been experimentally validated using a 1.5Hp five-phase prototype system.