Wind turbine power converter system (WTPCS) is a crucial device in a wind energy conversion system. This paper presents the new failure rate models and a reliability evaluation technique for the (WTPCS) considering effects of wind speeds, which can be named by the multistate probability analysis method. The case studies on the WTPCS of a 2 MW wind turbine with a permanent magnet synchronous generator are conducted using wind speed data at Lauwersoog and Valkenburg wind sites in Holland. The results indicate that reliability of the WTPCS is affected significantly by variations of wind speed and the rated wind speed of wind turbine. The effectiveness of the proposed method is demonstrated by examples.