A multi-objective modeling approach is required in the context of generator maintenance scheduling (GMS) for power generation systems. Most multi-objective modeling approaches in practice are modeled using a periodic system approach that caters for a fixed maintenance window. This approach is not suitable for different types of generating units and cannot extend the generator lifespan. To address this issue, this study proposes a tri-objective GMS model with three conflicting objectives based on the sequential system approach that accounts for operating hours and start-up times. The GMS model’s objectives are to minimize the total operation cost, maximize system reliability and minimize violation. The main difference between the proposed tri-objective GMS model and other multi-objective GMS models, is that the proposed model uses a sequential strategy based on operating hours and start-up times. In addition, the proposed model has considered the most important criteria in scheduling the generator maintenance, and this reflects the real-life requirements in electrical power systems. A multi-objective graph model is also developed to generate the maintenance units scheduling and used in developing the proposed Pareto ant colony system (PACS) algorithm. A PACS algorithm is proposed to implement the model and obtain solution for GMS. The performance of the proposed model was evaluated using the IEEE RTS 26, 32, and 36-unit systems dataset. The performance metrics used comprise the GMS model objectives. The experimental results showed that the obtained solution from the proposed tri-objective GMS model was a robust solution by considering the different initial operational hours of the units.