This paper presents the hardware-in-the-loop simulation for dynamic performance test (HILS-DPT) of power electronic equipment replicas using a real-time hybrid simulator (RTHS). The authors developed the procedure of HILS-DPT, and as an actual case example, the results of HILS-DPT of Static VAR Compensator (SVC) replica using RTHS is presented. RTHS is a co-simulation tool that synthesizes real-time simulator (RTS) with transient stability program to perform real-time dynamic simulation of a large power system. As power electronics applications have been increasing, the electric utilities have performed HILS-DPT of the power electronics equipment to validate the performance and investigate interactions. Because inspection tests are limited in their ability to validate its impact on the power system during various contingencies, all power electronics equipment newly installed in the Korean power system should take HILS-DPT using large-scale RTS with replicas since 2018. Although large-scaled RTS offers an accuracy improvement, it requires lots of hardware resources, time, and effort to model and simulate the equipment and power systems. Therefore, the authors performed SVC HILS-DPT using RTHS, and the result of the first practical application of RTHS present feasibility comparing the result of HILS-DPT using large-scale RTS. The authors will discuss the test results and share lessons learned from the industrial experience of HILS-DPT using RTHS.