This study focuses on the stability of power system based on codimension‐two bifurcation theory. In this paper, we investigate the impact of load modeling on permissible wind power generation margins in distribution networks. The study considers codimension‐two bifurcations of equilibria and limit cycles in wind power systems depending on varying two parameters simultaneously. The principle parameter is the wind power generation, and the other parameter depends on the different types of loads. The types of loads are ZIP, exponential recovery, dynamic induction loads, and composite load models. To study the effects of the induction motor loads, the proportion of the static component in the motor load is changed and assessed with respect to their mechanical loads. Wind generation margin boundaries are traced, and saddle‐node, Hopf, and limit‐induced bifurcation branches are obtained, delimiting the stable and unstable operating regions in the parameter space. The analysis presented in this paper can pave the way for determining methods for improving and monitoring these margins with consideration to the system parameters and load composition.