In this paper on base of vector analyzes are obtained simplified expressions for calculation of parameters of elements of Buck-Boost AC-AC converter with changeable configuration, which ensures quasi sinusoidal characteristics of source and load current. Load is made of active and inductive components, with parallel connected smoothing capacitor but at input stage current smoothing LC input filter is applied. Process is controlled by 4 bidirectional semiconductor switches, from which 2 are active in each of operation modes. Explanation of electromagnetic processes in both operating modes is given, in order to show how mathematical description of circuit functionality is acquired. Computer simulation results are introduced as well providing comparison of calculate and simulate parameters at the both Buck and Boost operation cases.