Due to the advantages of a self-excited induction generator (SEIG), it plays a main role in sources of renewable energy, such as wind turbines (WT). The regulation of terminal voltage and frequency is poor under variable rotor speed and load conditions at stand-alone operation mode. The generator terminal voltage depends on the excitation capacitance which can be controlled by a capacitor bank and static voltage compensator. The dynamical model of the machine is described by differential equations in D-Q axes transformations of the synchronously rotating frame. Many models of analysis are proposed in the literature. In those models, several approximations are used to simplify the process of calculations, such as neglecting the iron core resistance, stray load resistance, stator and rotor leakage reactance, and magnetic saturation. In this work, a comprehensive dynamic model of the SEIG-WT is performed to analyze the system performance under transient and steady-state conditions. This dynamic model considers the effect of all machine parameters variation. New analytical formulas are used for to accurate calculation of minimum and maximum values of excitation capacitance and generator rotor cut-off and maximum speed. The dynamic model results are partially compared with experimental results, and accurate agreement is shown.