This paper presents a power loss decrease method based on finite set model predictive control (FSMPC) with delay compensation for a motor emulator with reduced switch count. Specifically, the topology and mathematical model of the proposed motor emulator with reduced switch count are firstly built. Secondly, in light of given instructions, the normal or fault reference current of the motor emulator is set by a reference current setter. Then delay compensation is applied for the predictive current model to calculate the current residual generated by each switch control signal, and the current tracking performance under actions of two adjacent switch control signals is evaluated for each sector. Finally, a switch power loss objective function is defined, then the two adjacent switch control signals that generate the lowest switch power loss are selected for the next second instant, which minimizes the power loss of the motor emulator with ensuring satisfied current tracking performance. Simulation and experimental results show the feasibility and effectiveness of the proposed method.