One of the important tasks solved in planning the electric power system (EPS) operation is the assessment of its transient stability. Use of incorrect parameters for EPS element models, in particular synchronous generators (SG), contributes to the occurrence of errors when determining the operating conditions of power systems, and, therefore, can lead to a decrease in the reliability of EPS operation. This article is devoted to the study of the impact of errors in SG model parameters on the transient stability assessment results. The analysis presented in this article allows us to substantiate the relevance of the SG parameter estimation task using a “passive experiment”, such as synchronized phasor measurements. This research is based on the theory of electrical circuits, mathematical description of electrical machines and transients in EPS, as well as statistical analysis. Computational experiments have been carried out in the software package MATLAB using the simulation modeling environment “Simulink”. During the research, two different multi-machine EPS models have been used, including the well-known “IEEE 9-bus” system. To quantitatively assess the influence of SG parameter uncertainties on transient stability analysis, the values of the maximum permissible fault clearance time are determined, as well as the values of the maximum power output of generating equipment in prefault conditions. The authors have carried out a comprehensive analysis of the influence of deviations in SG model parameters on the maximum fault clearance time, as well as on the maximum power output of generating equipment in the prefault conditions for a given fault duration. During the study, two approaches have been considered; in each case, the EPS transient stability assessment has been performed almost automatically, and quantitative indicators have been computed for the influence of SG model parameter deviations on the outcome of EPS transient stability analysis. Analysis of the computational experiment results has demonstrated a significant influence of the SG model errors on the errors in calculating certain transient stability-related parameters. For the considered scenarios, the spread of errors in calculating the maximum fault clearance time reached 100 % relative to a base-case (errorless) result, and the error in calculating the maximum power output of generating equipment in prefault conditions for a given fault duration may reach 20 % relative to the errorless result.