The time delay (TD) in the levitation control system significantly affects the dynamic performance of the closed-loop system in electromagnetic suspension (EMS) maglev vehicles. Excessive TD can cause levitation instability, making it essential to explore effective mitigation methods. To address this issue, a Smith Predictor (SP) is integrated into the traditional PID levitation control system. The combination of theoretical analysis and numerical simulation is employed to assess the stability of the time-delay levitation control system after the integration of the Smith Predictor. Theoretical analysis reveals that when TD exceeds a critical threshold, the levitation system becomes unstable. The addition of SP alters the root trajectory of the system characteristic equation from positive to negative, and recovers the levitation system to stable status. Assuming complete knowledge of the dynamic system, the TD compensation value in the SP becomes a key parameter that determines its performance. A minimum effective value (MEV) for TD compensation is identified, correlating with the system's stability region. Under the influence of TD, more complex systems and higher running speeds of the maglev vehicle lead to a narrower stable region and a larger MEV for TD compensation. Given the simulation parameters in this paper, with a system TD of 15 ms and a maximum vehicle speed of 160 km/h, the MEV for TD compensation in the SP should be set at 12 ms.