Accurate calculation of losses incurred in the power electronics converter is particularly essential in selection of devices and optimal thermal design. This paper deals with the device current analysis in space-vector modulated voltage source inverter. It is accomplished by meticulous formulation of current flowing through the devices in the converter. Inverter dead-time is integral for safe operation of devices. Introduction of dead-time leads to error in inverter pole voltage and distortion in the inverter phase current. Hence, for estimation of device currents in the converter, dead-time must be taken into consideration. This paper presents a method to find the actual phase current. Device currents are then devised using the actual current and modified modulating signal. These equations facilitate for quick and accurate calculation of conduction losses in the converter at different load conditions. The effectiveness of the derived expressions is validated experimentally using 415 V, 5 kW SiC MOSFET based voltage source inverter setup.