This paper develops the dynamic mathematical model of the rectifier and inverter side controllers for a Voltage Sourced Converter (VSC) based high voltage DC (VSC-HVDC) link employing Insulated Gate Bipolar Transistor (IGBT) with PWM control. The controller derived using instantaneous power theory, parks transformation, and similarity transformation is expected to maintain the dc link voltage and reactive power at the sending end and control both active and reactive power at the receiving end under changing operating conditions. The model also facilitates systems oscillatory performance assessment. ©2008 IEEE.