EMC simulations are an indispensable tool to analyze EMC noise propagation in power converters and to assess the best filtering options. In this paper, we first show how to set up EMC simulations of power converters and then we demonstrate their use on the example of an industrial AC motor drive. Broadband models of key power converter components are reviewed and combined into a circuit model of the complete power converter setup enabling detailed EMC analysis. The approach is demonstrated by analyzing the conducted noise emissions of a 75 kW power converter driving a 45 kW motor. Based on the simulations, the critical impedances, the dominant noise propagation, and the most efficient filter component and location within the system are identified. For the analyzed system, maxima of EMC noise are caused by resonances of the long motor cable and can be accurately predicted as functions of type, length, and layout of the motor cable. The common-mode noise at the LISN is shown to have a dominant contribution caused by magnetic coupling between the noisy motor side and the AC input side of the drive. All the predictions are validated by measurements and highlight the benefit of simulation-based EMC analysis and filter design.