The accurate modeling of two-level VSC is of great significance for the real-time simulation of new power systems, and the modeling of its core component switch group has attracted more and more attention. Since traditional binary resistance models require time to "backtrack" to accurately locate the switching moment, interpolation is difficult to use for real-time simulation. In this paper, a two-level VSC real-time simulation modeling method based on controlled source compensation is proposed. This method combines the controlled source model with the binary resistance model, uses the binary resistance model to ensure the simulation accuracy when the switching state is constant, and introduces the controlled source model to compensate for the error caused by the delay of the trigger signal when the switching state is switched. According to the two-level VSC real-time simulation model realized by this method, while reducing the non-characteristic subharmonics, the admittance matrix can be pre-stored, which effectively reduces the model computing resource occupation, and is suitable for a variety of complex power electronic system modeling methods.