Wireless Power Transfer (WPT) technology is gaining global popularity. However, in some applications, data transmission is also required to monitor the load states. This paper presents an alternative wireless power and data transmission method via the shared inductive link. With the method, the system presents three characteristics: (1) controllability and stability of the output voltage; (2) miniaturization in volume of the system; (3) decoupled transmission of power and data. The output voltage control is realized by a non-inductive hysteresis control method. In particular, data is transferred when the power transmission is blocked (i.e., the hysteresis switch is off). The interference between power and data transmission is very small. The signal to noise ratio (SNR) performance which is relevant to the interference from power transfer to data transfer and data transfer capacity, is studied and optimized. Both simulation and experimental results have verified the proposed method.