The increasing popularity of electric drives employing an isolated dual-inverter (DI) topology is motivated by their superior DC-link voltage and power utilization, fault-tolerant operation, and potential for multilevel operation. These attributes are significant in battery-powered transportation, such as electric vehicles and aviation. Given the considerable freedom in modulation and control of the DI topology, this paper researches the impact of reference voltage vector distribution between the two individual inverters. The study also evaluates the influence of two well-established asynchronous modulation strategies—Space Vector PWM (SVPWM) and Depenbrock’s Discontinuous Modulation (DPWM1). Since simulation tools nowadays play a crucial role in power electronics design and concept verification, the results are based on extensive and detailed models in Matlab/Simulink. Employing the basic field-oriented control of a 12 kW induction motor with precisely parameterized SiC switching devices for accurate loss calculation, this research reveals the possibility of significant energy savings at multiple operating points. Notably, optimal efficiency is achieved when one inverter operates up to half of the nominal speed while the other solely establishes a neutral point for the winding. Moreover, the results highlight DPWM1 as a superior strategy for the DI topology, showcasing reduced converter losses. Overall, it is shown that the system’s losses can be significantly reduced just by the design of the voltage vector distribution in the drive’s operating range and the modulation strategy selection.