The reliability of power converters has been extensively examined in terms of component- and converter level. However, in case of multiple generation units, the evaluation of the performance of power systems requires system-level modeling. This paper aims to merge the prior art of reliability modeling of power converters with the adequacy evaluation of power systems through an extensive design and evaluation analysis of a microgrid based case study. The methodology proposed in the paper integrates the device-level analysis into the domain of the conventional power system reliability analysis while outlining the steps needed to deal with non-exponential distributed failures of power electronic-based generation units. A replacement policy of the power electronic-based units is adopted by means of evaluating the system risk of not supplying system loads, and, finally, an approach on how to ensure a desired replacement frequency is outlined.