The paper introduces a novel predictive voltage control (PVC) procedure for a sensorless induction motor (IM) drive. In the constructed PVC scheme, the direct and quadrature (d-q) components of applied voltages are primarily managed instead of controlling the torque and flux as in the classic predictive torque control (PTC) technique. The theoretical basis of the designed PVC is presented and explained in detail, starting from the used cost-function with its relevant components. A comprehensive performance comparison is established between the two controllers, from which the superiorities of the designed PVC over the PTC approach can be easily investigated through the reduced ripples, reduced computation time, and faster dynamics. To sustain the system’s reliability, a combined Luenberger−sliding mode observer (L-SMO) is designed and verified for different operating speeds for the two controllers. The Luenberger component is concerned with estimating the stator current, rotor flux, and rotor speed. Meanwhile, the sliding mode term is used to ensure the system’s robustness against any disturbance. The verification of PVC’s validity is outlined through performing a performance analysis using the Matlab/Simulink software. The results illustrate that the IM dynamic is significantly improved when considering the constructed PVC compared with the IM dynamics under the PTC. In addition, the designed L-SMO observer has effectively proved its ability to achieve definite parameters and variable estimation.