This article examines the impact of a power factor on the behavior of partial DC link voltages in three-phase three-level AC/DC (or DC/AC) converters operating without additional balancing hardware. We consider the case in which the controller utilizes a bandwidth-restricted (DC in steady state) zero-sequence component to achieve average partial DC link voltage equalization since the injection of high-order zero-sequence components is impossible or forbidden. An assessment of partial split DC-link capacitor voltage behavior (particularly that of ripple magnitudes and phases) is necessary for, e.g., minimizing the values of DC link capacitances and selecting reference voltage values. Previous studies assessed the abovementioned behavior analytically for operation under a unity power factor based on third-harmonic-dominated split partial voltages’ ripple nature. However, it is shown here that deviation from the unity power factor introduces additional (to the third harmonic) non-negligible harmonic content, increasing partial voltage ripple magnitudes and shifting their phase (relative to the mains voltages). As a result, the third-harmonic-only assumption is no longer valid, and it is then nearly impossible to derive corresponding analytical expressions. Consequently, a numerical approach is used in this work to derive a generalized expression of normalized ripple energy as a function of the power factor, which can then easily be utilized for assessments of split DC link voltage behaviors for certain DC link capacitances and reference voltages. Simulations and experimental results validate the proposed methodology applied to a 10 kVA T-type converter prototype.