This paper investigates the impact of doubly-fed induction generator (DFIG) wind farms on system stability in multi-generator power systems with low-frequency oscillations (LFOs). To this end, this paper establishes the interconnection model of the equivalent generators and derives the system state equation. On this basis, an updated system state equation of the new power system with integrated wind power is further derived. Then, according to the updated system state equation, the impact factors that cause changes in the system damping characteristics are presented. The IEEE two-area four-machine power system is used as a simulation model in which the LFOs occur. The simulation results demonstrate that the connection of wind power to the power feeding area (PFA) increases the damping ratio of the dominant mode of inter-area oscillation from −0.0263 to −0.0107, which obviously improves the system stability. Furthermore, the wind power integration into PFA, as the connection distance of the wind power increases, gradually decreases the damping ratio of the dominant mode of the inter-area oscillation to −0.0236, approaching that of no wind power in the system. Meanwhile, with the increase in the wind power output capacity, the damping ratio of the dominant mode of the intra-area and inter-area oscillation increases, and the maximum damping ratios reach 0.1337 and 0.0233, respectively.