In this paper, we report on the design of a compact (approximate to 226 mum) on-chip InGaAsP/InP polarization converter based on an asymmetric rib waveguide. Our theoretical analysis demonstrates that the device displays a conversion efficiency of < -25 dB (> 99.68% power conversion between orthogonal polarization) at 1550-nm wavelength with a nearly flat response over the optical C band. Regarding fabrication tolerances, we predict that the most sensitive design parameter is the waveguide width as the conversion efficiency drops to 10 dB for a deviation of +/-0.1 mum from the optimized value.