I finally found the answer to my own question:
The continent of Granado Espada is America, obviously.
Bahamar Swamps points to Florida, which was once believed to be magical.
Bahia/Gigante Island represents the Caribbean Islands/Hawaii.
Errac/Zeia is either Maya, Inca, Aztec, or a mixture of all three.
Castilla is based on Ancient Greece, complete with Spartans and holes.
Viron/Byron is either Ireland or Newfoundland, depending on the description
Orpesia, the Old World, is Europe
Vespanola is the Spanish Empire. Even one of its cities is named Madrid.
Bristia is England, with an obvious Prussian side (the current ruler is Czerny Kielce, obviously Polish)
Armonia, a city in Bristia, is based on Glastonbury.
Illier is France, very touchy with their cuisine.
Absinia is Northern Africa, obviously with M'Boma being Absinian.
Targa is the Ottoman Empire, where sabres and firearms are the order of business.
Esmero/Lealtad represents the Confederate States, while Souveran/Gleichstellung represents the Union.http://tvtropes.org/pmwiki/pmwiki.php/VideoGame/GranadoEspada