Air Conditioner Capacitor Voltage Rating?

With over a 50% overrating you should be fine. (Assuming the tolerance and temp rating are similar.)

As long as the voltage of the capacitor is higher than your applied voltage should be fine but the capacitance (microfarad) value must maintain the same value.

This should not be a problem. Here is the basic the nitty gritty details why.

220 VAC is the RMS voltage for the sine wave signal used for power distribution. The peak voltage for a sine wave can be found by V_rms*√2=V_pk so 220*√2≈220*1.414=311.08<370 Your replacement capacitor is not as robustly over voltage rated as your former capacitor but clearly should give you years of service.

That is a very common voltage rating and is widely used for '220-240 VAC' single phase, '208 VAC 3 phase' and '370 VAC 3 phase' electrical systems. It is perfectly suitable for your residential application.

The difference between 2 capacitors rated at 2 different voltages is the quantity of energy capable to be stored in them:

Since E = 1/2 * C * U^2, where E = energy (J) , C = capacitance (F), U = voltage (V),

the new 370V capacitor with E2,C, U2 will be able to store energy as:

E2 = E1 * (U2/U1)^2 = E1 * (370/440)^2 = E1 * 0.707, so roughly 70% of the 440V capacitor. But since it is used at 220V, it should not make any difference ( only 25% of the 440V respectively 35% of the 370V rated).

I would be concerned as the peak back EMF generated on start up maybe above the 370V hence a 440V rating was originally installed. Think of the big picture if the original manufacture could save on the cost of the part multiplied by 1000's of systems sold why wouldn't they de-rate the capacitor from factory??

IF the extra cost of the correct capacity was only around $20.00 is it really worth burning out a motor worth $100's?? I would think not.
If I had been involved in the job for my own piece of mind I would have put the correctly rated voltage

Regards

Dynamicservices.com.au/blog