The development and the validation of an averaged-value mathematical model of an asymmetrical hybrid multi-level rectifier is presented in this work. Such a rectifier is composed of a three-level T-type unidirectional rectifier and of a two-level inverter connected to an open-end winding electrical machine. The T-type rectifier, which supplies the load, operates at quite a low switching frequency in order to minimize inverter power losses. The two-level inverter is instead driven by a standard sinusoidal pulse width modulation (SPWM) technique to suitably shape the input current. The two-level inverter also plays a key role in actively balancing the voltage across the DC bus capacitors of the T-type rectifier, making unnecessary additional circuits. Such an asymmetrical structure achieves a higher efficiency compared to conventional PWM multilevel rectifiers, even considering extra power losses due to the auxiliary inverter. In spite of its advantageous features, the asymmetrical hybrid multi-level rectifier topology is a quite complex system, which requires suitable mathematical tools for control and optimization purposes. This paper intends to be a step in this direction by deriving an averaged-value mathematical model of the whole system, which is validated through comparison with other modeling approaches and experimental results. The paper is mainly focused on applications in the field of electrical power generation; however, the converter structure can be also exploited in a variety of grid-connected applications by replacing the generator with a transformer featuring an open-end secondary winding arrangement.