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This paper presents a comparative approach involving the active and reactive power theory (PQ theory) and the conservative power theory (CPT), where both theories are employed in the analysis and measurement of power in three-phase four wires system (TP-4F), operating under sinusoidal, nonsinusoidal, balanced, and unbalanced conditions, supplying linear loads (resistive and inductive), as well nonlinear loads, both balanced and unbalanced. In this context, each theory extracts the power quantities using a power analyzer employing the hardware-in-the-loop (HIL) technology. The objective is to set which theory under study represents with more precision the power measurement in a TP-4F system operating in adverse conditions. The results indicate the CPT as the more recommended power theory for evaluating the systems presented in these studies of cases.