Pulsed plasma thrusters (PPT) have demonstrated enormous potential since the 1960s. One major shortcoming is their low thrust efficiency, typically <30%. Most of these losses are due to joule heating, while some can be attributed to poor efficiency of the power processing units (PPUs). We model PPTs to improve their efficiency, by exploring the use of power electronic topologies to enhance the power conversion efficiency from the DC source to the thruster head. Different control approaches are considered, starting off with the basic approach of a fixed frequency flyback converter. Then, the more advanced critical conduction mode (CrCM) flyback, as well as other optimized solutions using commercial off-the-shelf (COTS) components, are presented. Variations of these flyback converters are studied under different control regimes, such as zero voltage switching (ZVS), valley voltage switching (VVS), and hard switched, to enhance the performance and efficiency of the PPU. We compare the max voltage, charge time, and the overall power conversion efficiency for different operating regimes. Our analytical results show that a more dynamic control regime can result in fewer losses and enhanced performance, offering an improved power conversion efficiency for PPUs used with PPTs. An efficiency of 86% was achieved using the variable frequency approach. This work has narrowed the possible PPU options through analytical analysis and has therefore identified a strategic approach for future investigations. In addition, a new low-power coaxial micro-thruster model using equivalent circuit model elements is developed.This is referred to as the Carlow–Stuttgart model and has been validated against experimental data from vacuum chamber tests in Stuttgart’s Pulsed Plasma Laboratory. This work serves as a valuable precursor towards the implementation of highly optimized PPU designs for efficient PPT thrusters for the next PETRUS (pulsed electrothermal thruster for the University of Stuttgart) missions.