In recent years, Finite Control Set Model Predictive Control (FCS-MPC) has received considerable attention due to advantages such as ease of implementation, flexibility in the definition of control objectives and superior transient performance. However, some drawbacks of FCS-MPC, such as variable switching frequency and steady-state error, have also been reported. In order to assess the performance of FCS-MPC, this paper presents a comprehensive comparison of this method and a synchronous PI controller with space vector modulation (PI-SVM) for current regulation in steady-state and transient operation. The parameters of the linear controller are designed according to the modulus optimum technique, in order to guarantee a fast transient response. Quantitative performance indices are applied to both control schemes in a wide range of operating points of the inverter. In simulation results, the steady-state performance of FCS-MPC is strongly influenced by the operating point. As for the transient response, the FCS-MPC is slightly faster than the PI-SVM, also offering a better decoupling capability between the d and q axes of the current. © 2013 IEEE.