This paper presents modeling and analysis of static and dynamic characteristics in three phase PWM Boost AC-AC converter used for input voltage sag compensation of custom power. Especially, using circuit DQ transformation technique, an equivalent circuit in fundamental frequency domain is obtained which has all the system characteristics. Moreover, voltage gain and input power factor is analytically induced and linearized state equation at the specific operating point is given. Finally, PSIM simulation results show the validity of the Nosed modelling and analyses.