To effectively eliminate the impacts of both matched and mismatched power disturbances in a three-phase PWM rectifier, this paper proposes a robust direct power control (RDPC) method with a single-loop control structure. Firstly, a nonlinear power model of the three-phase PWM rectifier is established. Then, using the exact feedback linearization method, a linearized power model including matched and mismatched power disturbances is derived and achieves the decoupling of active and reactive power. Secondly, to regulate the DC bus voltage, a sliding-mode controller (SMC) combined with a nonlinear disturbance observer (NDO) is proposed. The proposed SMC combined with an NDO (SMC + NDO) method features a single-loop control structure, which enables a faster response and simpler structure compared to the dual-loop DPC method. By incorporating estimated mismatched power disturbance into the sliding-mode surface, it overcomes the SMC’s defect in incompletely suppressing mismatched disturbances and enables the simultaneous regulation of voltage and active power. Additionally, it effectively reduces sliding-mode chattering. To regulate reactive power, a sliding-mode controller based on the exponential convergence law is designed to suppress matched reactive power disturbances. Finally, the simulation and experimental comparative results demonstrate that the proposed controller exhibits stronger robustness against matched and mismatched power disturbances, as well as a better performance under the constant power load (CPL).