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The study sets a baseline for split DC link capacitance values and voltage set points in three-phase three-level AC/DC (or DC/AC) converters operating with unity power factor. In order to equalize the average values of partial DC link voltages, the controller generates a zero-sequence containing DC components only while employing neither dedicated DC link capacitance balancing hardware nor high-order zero-sequence component injection. Such a baseline is required in order to evaluate the effectiveness of different DC link capacitance reduction methods proposed in the literature. Unlike most previous works, utilizing neutral point current based on cumbersome analytical expressions to determine neutral point potential oscillations, the instantaneous power balance-based approach is employed in this paper, resulting in greatly simplified and more intuitive expressions. It is demonstrated that while the total DC link voltage is low-frequency ripple-free under unity power factor balanced AC-side operation, split DC link capacitors absorb triple-fundamental frequency power components with one-sixth load power magnitude. This yields significant opposite phase partial voltage ripples. In such a case, selection of DC link capacitances and voltage set points must take into account the expected values of AC-side phase voltage magnitude and split DC link capacitor voltage and current ratings. Simulation and experimental results validate the proposed methodology by application to a 10 kVA T-type converter prototype.