A mixed signal integrated circuit, such as a typical microcontroller or digital signal controller (DSC), provides digital slope compensation for implementing peak current control in switched mode power supply (SMPS) systems. Simple and fast software calculations using digital values already measured require a single multiply and accumulate instruction (MAC) to determine the slope compensated peak current reference signal, ICMP, that will be compared with the inductor/switch current to control power switch. Doing all calculations in digital form using a software program also allows easy configurability for many different applications, setting slope values by writing to a register(s) in a memory map, and to allow SMPS applications to be dynamically adaptable or configurable on the fly. The entire slope compensation function and PWM control may be self-contained within the microcontroller or DSC and without the need of external components.