Renato... excitation-voltage equals terminal-voltage minus the stator-winding impedance-drop. The formula is Ve = Vt - Is x Z !
However, excitation-voltage change is not directly proportional to terminal-voltage change, because an 'operating' motor is a constant kVA apparatus... thus an increase in terminal-voltage, Vt, will produce a decrease in stator-current, Is, and vice-versa.
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