This paper deals with the quasi-instantaneous determination (in a single-step response time) of apparent, active, and reactive (i.e., blind and distortion) power mean values including the total power factor, total harmonic distortion, and phase shift of fundamentals of a power electronic and electrical system (PEES) using the ip-iq method, which is the main contribution of the paper. The power components’ mean values are investigated during the transient and steady states. The power components’ mean values can be determined directly from phase current and voltage quantities, using an integral calculus over one period within the next calculation step and using moving average and moving rms techniques (or digital filtering). Consequently, the power factor can be evaluated with known values of a phase shift of fundamentals (using a Fourier analysis). The results of this study show how a distortion power component during transients is generated even under a harmonic supply and linear resistive–inductive load. The paper contains a theoretical base, modeling, and simulation for the three and single phases of the transients in power electronic systems. The worked-out results can be used to determine and size any PES. The presented approach brings a detailed time waveform verified by simulations in Matlab/Simulink 2022a and the Real-time HW Simulator Plecs RT Box 1.