A method for fault level estimation for a power converter quickly after a fault clearing event includes a step of providing a training dataset with an input variable set and a corresponding system fault level output variable. The method further includes a step of deducing a hypothesis function based on the training dataset and estimating the system fault level quickly after the fault clearing event using the hypothesis function. The hypothesis function is deduced either using a neural network computational model or using a multivariate polynomial regression approach. The estimated fault level can then be used to adjust the controller parameters of the power converter.