The existing large-signal stability analysis of DC microgrids based on Mixed Potential Theory (MPT) predominantly emphasizes main circuit parameters such as LC filters

thereby complicating the assessment of the impact of control parameters from source and load converters on system stability. To address this limitation

this paper introduces a novel large-signal stability analysis method for DC microgrids that incorporates both source and load converters' physical and control dynamics. Specifically

the proposed method establishes an RLC controller virtual equivalent circuit model with a comprehensive set of system variables by leveraging the mapping relationship between converter control equations and RLC circuits. Secondly

it proposes an enhanced Constant Power Load (CPL) model that accounts for the dynamic characteristics of load converters

thereby mitigating the conservativeness inherent in traditional stability analyses under ideal CPL models. Finally

using MPT

the paper derives the large-signal stability criteria and stability do-main for DC microgrids and analyzes the influence of various system parameters on large-signal stability. Simulation results confirm that the proposed virtual equivalent circuit model accurately captures the effects of both physical and control dynamics on system stability. Moreover

the large-signal stability analysis method based on this model and the improved CPL model yields more precise stability boundaries and effectively reduces conservativeness. Additionally

this approach can be extended to analyze the large-signal stability of multi-terminal DC microgrids.