Model Predictive Control (MPC) lacks of theoretical or numerical methods to adjust the weighting factors within the cost function. This research proposes a methodology to improve the selection of weighting factors in power converters based on MPC. A Multi-Objective MPC was implemented in Neutral Point Clamped Inverter to demonstrate the strategy and the influence of each term in the cost function equation. The effectiveness of the proposed methodology could be demonstrated, as well as the advantages of using MPC with multiple control objectives. However, efforts are needed to improve the weight factor selection process, especially if multiple control variables are added to the cost function.