This paper proposes a new method of dead-time effect compensation. The proposed solution is based on additional phase current measurements realized by analog-to-digital converters. These measurements are carried out at the time instants specified by a pulsewidth-modulation (PWM) strategy. This makes it possible to estimate inverter currents at the commutation instants and, finally, to estimate the voltage error caused by dead time. This voltage error is compensated during the next switching period by modification of a reference voltage. The proposed solution can be used to compensate the voltage error in multilevel multiphase voltage source inverters. The experimental research studies were carried out on three-phase two-level and three-level neutral-point-clamped inverters supplying 55- and 160-kW motors, respectively. The results of the experimental investigations are presented in this paper.