Power conversion systems, discharge circuits and methods are disclosed for discharging a DC bus conditioner capacitor connected between a neutral node and a first reference node in a DC bus circuit of a power conversion system, in which a DC bus voltage of the power conversion system is monitored, and a discharge control DC power supply is activated in response to the DC bus voltage transitioning below a first threshold voltage to activate a switching circuit to connect a discharge resistor between the first reference node and a DC bus terminal of the DC bus circuit to at least partially discharge the conditioner capacitor through the discharge resistor.