This paper presents a novel power control strategy for PWM current-source rectifiers (CSRs) in the stationary frame based on the instantaneous power theory. In the proposed control strategy, a virtual resistance based on the capacitor voltage feedback is used to realize the active damping. In addition, the proportional resonant (PR) controller under the two-phase stationary coordinate is designed to track the ac reference current and to avoid the strong coupling brought about by the coordinate transformation. The limitations on improving steady-state performance of the PR controller is investigated and mitigated using a cascaded lead-lag compensator. In the z-domain, a straightforward procedure is developed to analyze and design the control-loop with the help of MATLAB/SISO software tools. In addition, robustness against parameter variations is analyzed. Finally, simulation and experimental results verify the proposed control scheme and design method.