Z-source networks are recently being employed to enhance the boosting capability of matrix converters. This paper concentrates on cascaded Z-source ultrasparse matrix converter (ZSUSMC), where the Z-source network is placed between the three-switch input rectifier stage and the six-switch output inverter stage. Two space vector modulation schemes, with and without a zero state in the rectifier stage modulation, are presented and their advantages and disadvantages are discussed. In addition, restrictions imposed on the converter operation in buck mode, which arise from unidirectional nature of the ultrasparse matrix converter, are discussed and a solution is proposed for offsetting those limitations. Furthermore, an optimal switching pattern, which results in minimum possible number of changes in the switching states as well as even distribution of the shoot-through state over the entire control period, is proposed. Also, common-mode voltages of the converter in all possible switching configurations are calculated. Hardware-in-the-loop studies of a ZSUSMC-based permanent magnet synchronous motor drive are carried out to evaluate the performance of the drive under the proposed modulation techniques. The obtained results are compared with a recent study and the superiority of the proposed method in terms of converter input/output current quality is demonstrated.