This paper presents a mathematical model for a vector inversion generator, through which explicit analytical expressions for component stresses and output characteristics can be obtained. The derivation of a simplified equivalent circuit for transient analysis of the converter is presented in detail. The equivalent circuit model is used to analyze the performance of a 4-stage vector inversion generator. The results are presented and compared with simulated results to validate the model. Methods that could be used to improve some of the limitations imposed by this model are also presented and verified.