Finite Set Model Predictive Control (FS-MPC) is a widely used technique in power electronic converter applications. One challenge in FS-MPC implementation is selecting appropriate weighting factors, as there is currently no established methodology for finding the best values. An alternative approach is to consider cost functions without weighting factors, as used by the Sequential Model Predictive Control (SMPC). In this paper, the performance of SMPC applied to induction motors is analyzed. The SMPC strategy involves sequentially evaluating simple cost functions by considering a limited number of available switching states for the power electronic converter. This number is the control parameter of the SMPC. The parameter’s domains and a selection criteria based on THD were established in this investigation. The power converter topologies studied include the Voltage Source Inverter (VSI) and the Neutral Point Clamped three-level (3L-NPC). Simulations performed in PLECS software and Hardware-in-the-Loop (HIL) tests using an RT Box for valid parameters satisfy the characteristics of the classical predictive control, such as good control variables tracking and high dynamic response. For a VSI converter, increasing the control parameter results in reduced harmonic distortion, while for an NPC converter, optimal results are achieved with control parameter values within a specific range.