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Inductive coupling is a viable scheme to wirelessly energize devices with a wide range of power requirements from nanowatts in radio frequency identification tags to milliwatts in implantable microelectronic devices, watts in mobile electronics, and kilowatts in electric cars. Several analytical methods for estimating the power transfer efficiency (PTE) across inductive power transmission links have been devised based on circuit and electromagnetic theories by electrical engineers and physicists, respectively. However, a direct side-by-side comparison between these two approaches is lacking. Here, we have analyzed the PTE of a pair of capacitively loaded inductors via reflected load theory (RLT) and compared it with a method known as coupled-mode theory (CMT). We have also derived PTE equations for multiple capacitively loaded inductors based on both RLT and CMT. We have proven that both methods basically result in the same set of equations in steady state and either method can be applied for short- or midrange coupling conditions. We have verified the accuracy of both methods through measurements, and also analyzed the transient response of a pair of capacitively loaded inductors. Our analysis shows that the CMT is only applicable to coils with high quality factor (Q) and large coupling distance. It simplifies the analysis by reducing the order of the differential equations by half compared to the circuit theory.