Load losses determine transformers’ efficiency and life, which are limited by overheating and deterioration of their elements. Since these losses can be characterized by short-circuit resistances, in this article, we have developed expressions for the short-circuit resistances of three-phase transformers according to IEEE Standard C57.110. Imposing the condition that these resistances must cause load losses of the transformer, two types of short-circuit resistance have been established: (1) the effective resistance of each phase (Rcc,z) and (2) the effective short-circuit resistance of the transformer (Rcc,ef). The first is closely related to the power loss distribution within the transformer. The second is just a mathematical parameter. Applying these resistances to the 630 kVA oil-immersed distribution transformer of a residential network, we have concluded that both types of resistances determine the total load losses of the transformer. However, only Rcc,z accurately provides the load losses in each phase. Rcc,ef can give rise to errors more significant than 16% in calculating these losses, depending on imbalances in the harmonic currents.