A method for controlling a motor drive system, the system comprising an AC-DC converter coupled to a DC-AC inverter by a DC bus, a motor coupled to and driven by the inverter, and a load coupled to and driven by the motor is provided. The method includes accessing a motion profile for the motor and load and determining power losses of the converter, the inverter, the motor and the load. The method also includes controlling the voltage of the DC bus based upon the motion profile and the power losses to enhance the motor drive system efficiency, reliability and motor shaft performance.