This work extends the wavelet modulation (WM) technique for operating three-phase ( <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"><tex-math notation="LaTeX">$3\phi$</tex-math></inline-formula> ), five-level (5L) power electronic converters (PECs). The WM technique is extended by resolution segmentation of the synthesis scale-based linearly combined wavelet functions, which are used as switching signals. The resolution segmentation is created based on the dilation property of synthesis scale-based linearly combined wavelet functions. Each leg of the <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"><tex-math notation="LaTeX">$3\phi$</tex-math></inline-formula> VS, 5L dc–ac PEC is operated by two sets of resolution-segmented synthesis scale-based linearly combined wavelet basis functions to produce the voltage of one phase. The extended WM technique is implemented for performance testing, when operating <inline-formula xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink"><tex-math notation="LaTeX">$3\phi$</tex-math></inline-formula> VS, 5L, diode-clamped and flying-capacitor dc–ac PECs. In this article, Part I, simulation test results are presented and compared with results obtained using the level-shifted pulsewidth modulation, phase-shifted PWM, and space vector modulation. Test results show significant reductions of output harmonics, along with improvements in fundamental components of output voltages and PEC efficiency.