This paper considers a dynamic model of a self-excited induction generator that takes into account the fundamental stray load and iron losses. The model is described with the same number of differential equations as the conventional induction machine model. Determination of the stray load and iron losses resistances does not involve any tests other than those imposed by the international standards nor does it require any details about induction machine materials or geometry. The dynamic analysis has been carried out for the case of a wind turbine-driven self-excited induction generator. The steady-state analysis, on the other hand, has been carried out for the case of a load-independent prime mover. The considered advanced model, aside from being compared with the conventional model, has been experimentally validated for two different-efficiency induction machines, both rated 1.5 kW.