This paper introduces and analyzes the power losses of a five-phase drive system based on an indirect matrix converter (IMC) and a five-phase synchronous reluctance motor (SynRM). The different loss components in the power converter and the motor have been discussed and analyzed. Moreover, a control strategy is applied to decrease the power converter losses and make the system superior to the conventional one. The carrier-based pulse-width-modulation (CBPWM) method is used for this. Through the CBPWM, switching losses are kept as low as possible in this technique by ensuring that the rectifier stage experiences zero current commutation. To achieve this, the rectifier and inverter stages are synchronized so that the commutation in the rectifier stage occurs at the zero vectors of the inverter, which corresponds to a zero DC-link current. The converter will therefore have less switching losses thanks to the rectifier’s null value. Experimental validation has shown the usefulness of the proposed CBPWM in providing lower switching losses in the IMC. Additionally, a comparison of the proposed drive system’s performance with a traditional three-phase SynRM-based inverter will be carried out in the speed and torque control modes.