Participation analysis based on whole-system impedance models enables the root-cause stability analysis of large-scale power systems when state-space models are unavailable. To extend participation analysis to the hybrid AC/DC system, especially for the interlinking converter, this paper proposes two complementary methods, namely the <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">direct method</i> and the <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">indirect method</i> . The direct method treats the interlinking converter as hybrid AC-DC port apparatus and the participation factor can be defined with the terminal hybrid AC-DC impedance matrix correspondingly. As for the indirect method, system equivalence can be made at the AC or DC terminal of the interlinking converter when impedance models within subsystems are unavailable such that preliminary knowledge of systems can be simplified. Importantly, the equivalence of these two methods on the observability of system components is revealed through theoretical analysis. The proposed impedance participation analysis methods are illustrated with a 4-bus hybrid AC/DC system, a modified 28-bus hybrid AC/DC system and a modified 96-bus hybrid AC/DC system. Numerical calculations and time-domain simulations are performed to validate the theoretical analysis.