A system and a method for power conversion. The system includes a rectifier; an inverter; a DC-link capacitor coupled between the rectifier and the inverter; and a controller. The controller is configured to obtain a current value at an output of the inverter and a voltage value across the DC-link capacitor, determine an average component and a fluctuating component of an output voltage of the inverter based on the obtained current value and the voltage value, and determine a current reference for controlling the rectifier based on the average component and the fluctuating component of the output voltage.