Using a doubly-fed induction generator (DFIG), with an additional active or reactive damping controller, is a new method of suppressing the inter-area oscillation of a power system. However, using active power modulation (APM) may decrease the damping of the shaft oscillation mode of a DFIG and the system damping target cannot be achieved through reactive power modulation (RPM) in some cases. Either single APM or RPM does not consider system damping and torsional damping simultaneously. In this paper, an active-reactive coordinated dual-channel power modulation (DCPM) damping controller is proposed for DFIGs. First, considering the electromechanical parts and control structure of the wind turbine, an electromechanical transient model and an additional damping controller model of DFIGs are established. Then, the dynamic objective function for coordinating the parameters of the additional damping controller is proposed. The ratio between the active power channel and reactive power channel modulation is derived from the parameters optimized by the particle swarm optimization algorithm. Finally, the effectiveness and practicability of the designed strategy is verified by comparing it with a traditional, simple damping controller design strategy. Standard simulation system examples are used in the comparison. Results show that the DCPM is better at maximizing the damping control capability of the rotor-side controller of a DFIG and simultaneously minimizing adverse effects on torsional damping than the traditional strategy.