With the development of gated turn off devices, integrated power electronis switches and microprocessor control, power converter circuits structures are becoming increasingly complex. Following this trend, this paper presents a Direct Frequency Converter (DFC) suitable for medium to high power levels. Compared with the traditional PWM frequency converter, the proposed DFC converter produces output voltages 73% higher, posseses inherent current balance of a larger number of switches, ensures lower commutation loses, complete eliminates the bulky dc link filter and reduces ac input filter requirements. To simulate, analize and compare the DFC main characteristics a model based on an Instantaneous Transfer Matrix is introduced. Moreover, the concept of converter transfer states enables high accuracy and minimize the processing time. The model is generalized and three phase ac to ac converters can be fully analized regardless of its internal structure and/or control method. Complete per unit results of the DFC controlled by space vector control are presented.