This paper proposes several methods to analyze dynamic and static characteristics of HVDC inverter system. The characteristic analysis is essential of the controller and filter design of the HVDC inverter system. Dynamic characteristic can be analyzed with EMTP simulation and static characteristic can be obtained by solving newly proposed load flow equation which includes the filter and load characteristic. New simple per-phase-equivalent circuit is also proposed. In this circuit, HVDC inverter is considered as a current source depending on the on-off status of switch. Dynamic and static characteristic can be analyzed by the proposed per-phase-equivalent circuit. For the optimal filter design, various performance criteria are proposed. The performance index, based on the per-phase-equivalent circuit, is calculated. Voltage harmonics and filter power loss are selected as criteria. Optimization procedure is explained to find optimal passive filter parameters.