The most critical attribute of a power control strategy for a fuel cell (FC) and ultracapacitor (UC) based hybrid vehicular power system is the sharing of load demand between available power sources. Transients and rapid changes of the power demand may cause drying of the FC membrane resulting in degradation of FC lifetime. The load demand profile of a hybrid electric vehicle (HEV) is a nonstationary fluctuating signal and consists of transients. Wavelet transforms are suitable for analyzing and evaluating such signals for dynamic systems. This paper focuses on the integration of a developed novel-wavelet-based load sharing algorithm and dynamic model of the FC/UC hybrid vehicular power system in order to ensure efficient power flow control strategy.