Mitigation of excessive heat due to high frequency switching of voltage source converter (VSC) is always an industrial concern for superconducting magnetic energy storage (SMES) or high temperature superconducting (HTS) material based power conditioning system with grid-tied renewable energy interface. The pulse width modulation (PWM) technique employed for the switching of the VSC has a significant impact on joules heating, switching and conduction power losses, total harmonic distortion (THD) profile of the VSC output, and conversion efficiency in the SMES/HTS based grid-tied power system. In this paper, a modified reference saturated third harmonic injected equal loading PWM technique is proposed for a VSC-based grid-tied photovoltaic (PV) system, which offers lower THD and reduced power conversion losses. The proposed PWM technique employed in the VSC can be used in a PV-based SMES/HTS integrated power system to improve the performance of the power conditioner. To prove the superiority of the proposed PWM technique, a simulation in MATLAB/Simulink was carried out and the simulation results were validated by laboratory tests.