A four-level π-type converter is a Neutral Point Clamped (NPC) multilevel converter topology for low/medium voltage applications. As the inherent issue with this topology, the DC-link capacitor voltage balancing is challenging, especially when it operates as a single-end inverter/rectifier with unity power factor. This paper proposes a closed-loop DC-link voltage balancing algorithm of a π-type converter that is effective and simple to implement. In principle, this approach is based on Redundant Level Modulation (RLM). The RLM utilizes additional voltage levels in each switching window to gain extra controllability of the DC-link capacitor voltages without affecting the average output voltage. An algorithm based on mathematical and logical operations is developed to utilize RLM to achieve the closed-loop voltage balancing. The proposed control method is effective over the full modulation index (M = 0 ~ 1.15) and full power factor range (cos φ = 0 ~ 1). The algorithm is implemented in a test rig, and the experiment confirms its effectiveness.