Microgrids are versatile systems for integration of renewable energy sources and non-conventional storage devices. Sliding Mode techniques grant excellent features of robustness controlling power conditioning systems, making them highly suitable for microgrid applications. However, problems may arise when a converter is set to behave as a Constant Power Load (CPL). These issues manifest in the stability of internal dynamics (or Zero Dynamics), which is determined by the input filter of the power module. In this paper, a special Lyapunov analysis is conducted to address the nonlinear internal dynamics of SM controlled power modules with CPL. It takes advantage of a Liérnad-type description, establishing stability conditions and providing a secure operation region. These conditions are translated into conductance and invariant region diagrams, turning them into tools for the design of power module filters.