The main focus of this paper is to design and characteristics investigation of Novel Dual Stator Pseudo-Pole Five Phase Permanent Magnet Synchronous Generator (NDSPPFP-PMSG) for wind power application. The proposed generator has a dual stator and two sets of five phase windings which enhance its power density and fault tolerant capability. The novelty of this generator is based on the fact that eight magnetic poles are formed using only four poles of actual magnets on both the surfaces of the rotor. For the designing and optimal electromagnetic performance of the proposed generator, a Dynamic Magnetic Circuit Model (DMCM) is reported. To validate the results obtained from DMCM, Finite Element Method (FEM) has been opted owing to its high accuracy. For showing the performance superiority, the proposed generator is compared with two conventional generators namely, Dual Stator Embedded-Pole Five Phase (DSEPFP) and Single Stator Single Rotor Five Phase (SSSRFP) PMSG. To compare their performances, FEM results are considered. The electromagnetic performance namely, generated Electromotive Force(EMF), percentage(%) Total Harmonic Distortion(THD) of generated EMF, generated EMF vs speed, terminal voltage vs load current, electromagnetic torque developed on rotor vs time, %ripple content in the torque, and %efficiency vs load current are investigated for all the three generators. From these investigations, it is found that the power density (power to weight ratio) of the proposed generator is maximum.