This paper reveals the relationship between the Miller plateau voltage and the displacement currents through the gate–drain capacitance (CGD) and the drain–source capacitance (CDS) in the switching process of a power transistor. The corrected turn-on Miller plateau voltage and turn-off Miller plateau voltage are different even with a constant current load. Using the proposed new Miller plateau, the turn-on and turn-off sequences can be more accurately analyzed, and the switching power loss can be more accurately predicted accordingly. Switching loss models based on the new Miller plateau have also been proposed. The experimental test result of the power MOSFET (NCE2030K) verified the relationship between the Miller plateau voltage and the displacement currents through CGD and CDS. A carefully designed verification test bench featuring a power MOSFET written in Verilog-A proved the prediction accuracy of the switching waveform and switching loss with the new proposed Miller plateau. The average relative error of the loss model using the new plateau is reduced to 1/2∼1/4 of the average relative error of the loss model using the old plateau; the proposed loss model using the new plateau, which also takes the gate current’s variation into account, further reduces the error to around 5%.