Radiation hardening of power MOSFETs (metal oxide semiconductor field effect transistors) is of the highest priority for sustaining high-power systems in the space radiation environment. Silicon carbide (SiC)-based power electronics are being investigated as a strong alternative for high power spaceborne power electronic systems. SiC MOSFETs have been shown to be most prone to single-event burnout (SEB) from space radiation. The current knowledge of SiC MOSFET device degradation and failure mechanisms are reviewed in this paper. Additionally, the viability of radiation tolerant SiC MOSFET designs and the modeling methods of SEB phenomena are evaluated. A merit system is proposed to consider the performance of radiation tolerance and nominal electrical performance. Criteria needed for high-fidelity SEB simulations are also reviewed. This paper stands as a necessary analytical review to intercede the development of radiation-hardened power devices for space and extreme environment applications.