Power electronic systems using printed circuit boards (PCBs) are broadly used in many applications, including some safety-critical ones. Several standards (e.g., ISO26262 for the automotive sector and DO-178 for avionics) mandate the adoption of effective test procedures for all electronic systems. However, the metrics to be used to compute the effectiveness of the adopted test procedures are not so clearly defined for power devices and systems. In the past years, some commercial fault simulation tools (e.g., DefectSim by Mentor Graphics and TestMAX by Synopsys) for analog circuits have been introduced, together with some new fault models. With these new tools, systematic analog fault simulation finally became practically feasible. The aim of this article is twofold: first, we propose a method to extend the usage of the new analog fault models to power devices, thus allowing to compute a fault coverage figure for a given test. Second, we adopt the method on a case study, for which we quantitatively evaluate the effectiveness of some test procedures commonly used at the PCB level for the detection of faults inside power devices. A typical power supply unit (PSU) used in industrial products, including power transistors and power diodes, is considered. The analysis of the gathered results shows that using the new method we can identify the main points of strength/weakness of the different test solutions in a quantitative and deterministic manner and pinpoint the faults escaping to each one.