In this paper, the time-averaged power densities as well as the resulting temperature rise, on an end-turn stress grading (SG) system under PWM waveforms as functions of the carrier and the fundamental frequencies are systematically investigated by finite element method-based computations. A novel analytical approximation method to estimate the power densities and the temperature rises without time-consuming numerical computations are proposed. As a result, the maximum power density and the temperature rise increase nearly linearly with increasing fundamental and the carrier frequencies. It is suggested that power dissipations in the SG layer by the fundamental frequency component of a PWM waveform and those by the carrier frequency component can be clearly separated. Moreover, the estimated power densities and temperature rises based on the analytical approximations show reasonable agreement with the numerically computed ones, which indicates the validity of the proposed estimation method.