AbstractWe have developed a digital real‐time simulator of Power Electronics Controllers, so‐called FACTS (Flexible AC Transmission Systems) Controllers and/or Custom Power by using MATLABTM/SIMULINKTM and dSPACETM System. This paper describes the modeling and the calculation accuracy of a UPFC (Unified Power Flow Controller) model. Hence, the developed simulator operates at a large time step, in order to improve simulation accuracy, a correction processing of the switching delay is implemented into the UPFC model. Calculation accuracy of the real‐time UPFC model is at the same level as EMTDCTM results. We confirm stable operation of the developed UPFC model by connecting a commercial real‐time digital simulator (RTDSTM). © 2006 Wiley Periodicals, Inc. Electr Eng Jpn, 155(1): 19–26, 2006; Published online in Wiley InterScience (www.interscience.wiley.com). DOI 10.1002/eej.20200