Reliability modeling of power electronic converters is of paramount importance for optimal design, control and operation of power electronic based power systems. Suitable topology selection, converter components sizing, and proper control strategy adoption in a single unit converter together with operation of a multi-converter systems require to predict the converter reliability within its useful life and wear-out phases. This paper proposes a reliability prediction approach for converters modeling the hardware random failures within the useful life and the wear-out period. The methodology is exemplified for a single-phase PV inverter and its reliability is predicted during useful lifetime and the wear-out phase under two operating conditions.