Heat dissipation system, a power converter using such a heat dissipation system, and an associated method of thermal management of the power converter are disclosed. The heat dissipation system includes a condenser, a first cooling loop, and a second cooling loop. The first cooling loop is coupled to the condenser and includes a first two-phase heat transfer device. The second cooling loop is coupled to the condenser and includes a second two-phase heat transfer device. The condenser is disposed above the first and second two-phase heat transfer devices.