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Insulated-gate bipolar transistor (IGBT) modules and dc-link capacitors are important parts in the majority of power electronic converters which contribute to cost, size, and failure rate on a considerable scale. This paper presents an online condition monitoring method for both IGBT modules and dc-link capacitors of power converters based on short-circuit current of an IGBT module, which is a good condition indicator according to the theory analysis. The failure prediction of dc-Link capacitor is realized by equivalent series resistance, which can be calculated by short-circuit current and a step voltage, and the bond wires fatigue can also be identified by the short-circuit current. The proposed method is capable for detecting small changes in the failure indicators of IGBT modules and electrolytic capacitors, and its effectiveness is validated by a confirmatory experiment. The novelty of the proposed method is that the degradations of IGBT modules and capacitors can be identified simultaneously, and has the merits of low cost and circuit simplicity [ABSTRACT FROM PUBLISHER]