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A practical and accurate parameter extraction method is presented for the Fourier-based-solution physics-based insulated gate bipolar transistor (IGBT) and power diode models. The goal is to obtain a model accurate enough to allow switching loss prediction under a variety of operating conditions. In the first step of the extraction procedure, only one simple clamped inductive load test is needed for the extraction of the six parameters required for the diode model and of the 12 and 15 parameters required for the nonpunch-through (NPT) and punch-through (PT) IGBT models, respectively. The second part of the extraction procedure is an automated formal optimization step that refines the parameter estimation. Validation with experimental results from various structures of IGBT demonstrates the accuracy of the proposed IGBT and diode models and the robustness of the parameter extraction method.