Cascaded Multi-Level Inverters (CMLI) are used in a wide range of high-power industrial drives and for integrating solar PV system. Asymmetric Cascaded Multilevel Inverter (ACMLI) produces an output voltage with reduced Total Harmonic Distortion (THD) when compared to Symmetric Cascaded Multilevel Inverter (SCMLI). ACMLI comprises of more semiconductor devices and thus reliability is a major concern. Efficient, high speed and precise fault detection is required for ACMLI to reduce failure rates and avoid unplanned shutdown. RMS voltage, mean voltage and THD under various single and double switch fault conditions are used as features for fault diagnosis. Fault diagnosis method for ACMLI based on probabilistic principal component analysis (PPCA) and Ensemble Machine Learning (EML) is presented. PPCA is used to optimize data and reduce the size of fault features. Finally, an EML classifier combining Support Vector Machine (SVM), K-Nearest Neighborhood (KNN) and Decision Tree (DT) is employed to diagnose the various open circuit faults. The proposed fault diagnosis method is validated using an experimental setup. The simulation and experimental result shows that EML technique diagnosis the fault with 99.32% accuracy.