This paper proposes a way to evaluate the conducted electromagnetic compatibility performance of variable speed drive systems. It is considered that the measured noise level is determined by two factors, the level of the noise source and the conversion efficiency of the propagation path from the source to the measurement equipments. They are corresponding to the two roles played by the converter. On the one hand, a converter provides the noise source and generates the noise current and voltage on the motor side with the cable and the motor. On the other hand, it acts as the propagation path with the DC bus and the rectifier to spread the noise generated on the motor side to the line side. The transfer ratio is defined as the ratio between the CM current on the motor side and the CM current on the line side. It can be used to evaluate the EMC design of a converter because it is independent of the cable and the motor. A simplified model is used to explain this characteristic. It can be measured when the converter is powered off. Verification is carried out by experimental results obtained from a 12-kVA laboratory system.\u