With the large-scale integration of wind power, it is essential to establish an electromagnetic transient (EMT) model of a wind turbine system. Focusing on the problem of the difficulty in obtaining the parameters of the direct-driven permanent magnet synchronous generator (PMSG) model, this manuscript proposes a method based on trajectory sensitivity analysis and improved gray wolf optimization (IGWO) for identifying the parameters of the PMSG EMT model. First, a model of a PMSG wind turbine is established on an EMT simulation platform. Then, the key parameters of the model are determined based on the sensitivity analysis. Five control parameters are selected as the key parameters for their higher sensitivity indexes. Finally, the key parameters are accurately identified, using the proposed IGWO algorithm. The final case study demonstrates that the proposed IGWO algorithm has better optimization performance compared with the GWO algorithm and particle swarm optimization (PSO) algorithm. In addition, the simulation waveforms show that the identified parameters are accurate and applicable to other operating conditions.