A system and method for estimating magnetic flux in an isolation transformer and a power converter employing the system or the method. The power converter has a full bridge switching circuit coupled across a primary winding of an isolation transformer. In one embodiment, the system includes a conductive path, including an observer, established across at least a portion of the primary winding. A voltage developed by the observer depends upon a value of the magnetic flux in at least the portion of the primary winding.