Dual-mode AC/DC power converters and associated methods of operation are disclosed herein. In one embodiment, the AC/DC converter includes a primary winding, a switching transistor coupled to the primary winding, the switching transistor configured to carry a drain-source current, and a feedback voltage port configured to carry a feedback voltage. The feedback voltage port is coupled to the switching transistor to switch off the switching transistor when the drain-source current reaches a peak current limit. The peak current limit increases with increasing feedback voltage if and only if the feedback voltage satisfies an ordered relationship with a threshold.