Rheostat : No!
An induction motor is designed to function st a specific voltage and frequency.

A VFD varies a motor speed by reducing frequency while changing voltage to maintain the motors engineered current requirements.

A rheostat reduces applied voltage, which is fine for a resistive load such as a soldering iron, but an inductive load such as a motor, will be destroyed by low voltage unless the frequency is modified in kind. The inverse is also true. Modifing frequency without changing voltage is certain death for an A/C motor.

DC motors, entirely different critter. A rheostat works fine, but is inefficient.