: Independently rotating wheelsets (IRWs) with individually driven wheel motors enable compact low-floor rail bogies and improved curving, but their running behaviour depends on how accurately traction and differential wheel torques are realised under electrical constraints. This paper presents a constraint-aware wheel-torque realisation and allocation framework for IRW bogies using surface-mounted PMSM traction drives. An integrated control-oriented model couples linearised lateral–yaw bogie dynamics with a simplified PMSM torque-response model under field-oriented control. Feasible current references over constant-torque and field-weakening regions are generated using a flux-map-based reference generator that maps demanded torque to d- and q-axis current commands whilst accounting for current limits and DC-link voltage variations. A multi-input control architecture is adopted: a speed PI loop determines traction demand, an LQ-servo loop determines yaw-moment demand and a scaling-based allocator distributes the demands to four wheel motors with saturation handling. Simulations show simultaneous speed tracking and lateral displacement regulation on straight and curved tracks whilst mitigating hunting-like oscillations. Experiments on a 1/5-scale IRW test rig validate stable lateral guidance and torque tracking, with drive currents and voltage utilisation kept within prescribed limits.