Physics based forward models are the basis on which many experimental diagnostics are interpreted. For some diagnostics, models can be computationally expensive which precludes their use in real time analysis. Reduced models have the potential to capture sufficient physics thereby enabling the desired real time analysis. Using statistical inference and machine learning techniques the application of reduced models for inversion of atomic spectral data used to diagnose magnetic fields in a plasma will be examined. Two approaches are considered, (a) a reduction of the forward model where traditional inversion can be performed on the proxy model, and (b) a reduction of the direct inverse where parameters are a function of measured signal. The resulting inversion is sufficiently fast to be utilized in an online context for digital twinning, and ultimately real-time prediction, design, and control of plasma systems, such as tokamaks. These methods will be demonstrated on both simulated and experimentally measured data.