AbstractThe cascade converter system has been widely concerned along with the medium power operating conditions, and it is crucial to address the intricate interplay among individual modules to ensure stability of both the source and load subsystems. This paper analyzes the DC‐link voltage stability based on impedance matching and proposes a normalized sensitivity calculation method based on the control strategy, which prevents the complex products and matrix calculations of traditional methods. The three‐level boost (TLB) output impedance model is derived based on state‐space averaging for open‐loop and considering the double‐loop, and the full‐bridge LLC (FBLLC) input impedance model is derived based on the fundamental equivalent circuit. Then the effect of the double‐loop PI parameters on the output impedance of the TLB is analyzed in detail based on the normalized sensitivity and verified by the Bode plots. The experimental results of the 30 kW prototype indicate that the control parameters were varied by a factor of 10 compared to the theoretical control group. The most significant alteration was the modification of the kp_i, resulting in an 8.9% increase in the DC‐link voltage ripple, while the ki_v was modified, resulting in a 0.53% increase, indicating that the effects of the PI parameter are consistent with the normalized sensitivity results.