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The electronic power transformer (EPT) has higher power losses than the conventional transformer. However, the EPT can correct the power factor, compensate the unbalanced current, and reduce the line power losses in the distribution network. Therefore, the higher power losses of the EPT and the consequent reduced power losses in the distribution network require a comprehensive consideration when comparing the power losses of the EPT and conventional transformer. In this paper, a comprehensive power losses analysis model for the EPT in distribution networks is proposed. By analyzing the EPT self-losses and considering the impact of the nonunity power factor and the three-phase unbalanced current, the overall power losses in the distribution network when using the EPT to replace the conventional transformer is analyzed, and the conditions in which the application of the EPT can cause less power losses are obtained. Based on this, the sensitivity analysis for the EPT comprehensive power losses model is carried out by comparing the value of each parameter variation impact on the EPT losses model. In the case study, the validity of the comprehensive power losses model is verified.