Communication network brings new challenges such as time delay and data loss to wide-area damping control of power systems. The uncertainty caused by stochastic time delay of network communication increases the difficulty of wide-area control performance analysis. This paper proposes a mathematical expectation modeling approach to model and analyze wide-area controlled power systems considering the effect of stochastic time delay. In the proposed method, mathematical expectation of stochastic time delay distribution is derived to accurately model the impact of communication network on wide-area control performance. The theoretical frame of the proposed modeling approach is presented, and the effectiveness of the method is verified through the simulation of a power system with eight generators and 36 nodes.