A new linear model of superconducting magnetic energy storage (SMES) system is designed for dynamic stability analysis in multimachine power system. An equivalent current source for the SMES unit is assumed. The linear model includes voltage, active power and energy regulators. On a sample network, eigenanalysis using the QR algorithm shows that the proposed model increases the damping of slow oscillation modes. Step-response simulations illustrate the positive impact of the SMES regulator as a power system stabilizer. Performing the component connection method (CCM), the approach is attractive in case one or more additional SMES units should be considered. >