High-power and high-speed motor drives have only a few switching transitions in each line cycle. Pulse width modulation (PWM) waveforms with positive voltage transition at the positive zero crossing of the fundamental voltage (type-A) are generally considered for PWM waveform with an even number of switching angles per quarter, whereas waveforms with negative voltage transition at the positive zero crossing (type-B) are considered for an odd number of switching angles per quarter. Optimal switching angles to minimize the total harmonic distortion (THD) in motor current are reported for both type-A and type-B waveforms of pulse numbers ( $P$) of 5, 7, 9, and 11. Based on simulation and experimental studies on a $3.7$kW induction motor (IM) drive, optimal type-A and type-B PWM methods are shown to be better than each other in different modulation ranges for each pulse number. The space vector based analysis of optimal type-A and type-B waveforms brings out the optimal vector sequence at any modulation index for a given $P$. Findings of the space vector based analysis lead to a new approach for determining optimal switching angles with much reduced computational effort. Compared to sine-triangle PWM, deployment of optimal vector sequences in an IM drive, having a maximum switching frequency of 250 Hz, leads to significant reduction in both THD of line current as well as motor losses over a wide range of speeds and load conditions.