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Three-phase Power-Quality Indices (PQIs) can be used to quantify and hence evaluate the quality of the Electric Power Systems (EPS) waveforms. In this paper the three-phase power components definitions contained in the IEEE Standard 1459-2000 for-balanced and unbalanced three-phase systems with non-sinusoidal situations are reformulated using the Empirical Wavelet Transform (EWT). EWT technique is applied on a balanced and unbalanced three-phase signals to estimate three-phase PQIs. This technique first estimates the frequency components and then adaptively tunes the wavelet and scaling function based on the boundaries to decompose the signal accurately and there by using EWT-based reformulated indices, three phase PQIs can be accurately estimated. It can be observed from the results that EWT-based PQIs for balanced and unbalanced three-phase supply are very close to the true values.