In cold-region environments characterized by high wind speeds, low external air temperatures, and supercooled water droplets, wind turbines frequently experience ice formation along the leading edge of the blade tip, which has a higher angular velocity. This ice formation directly and negatively affects the wind turbine's power performance. As such, a clear understanding of the relationship between ice formation and wind turbine power performance is required. In this study, we used computational fluid dynamics (CFD) simulation methods based on the dispersed multiphase (DMP) droplet model to predict ice formation along a blade tip airfoil's leading edge. To validate the ice formation model, the CFD simulation results were compared with the previously published wind tunnel testing results. Following validation, the model was used to predict the ice formation along the leading edge of the National Advisory Committee for Aeronautics (NACA) 64-618 airfoil and estimate its aerodynamic performance under variable external environmental conditions. Steady power calculations for the National Renewable Energy Laboratory's (NREL) 5-MW wind turbine was performed using the BLADED software. The aerodynamic performance of the NACA 64-618 airfoil following ice formation and the power performance of the NREL 5-MW wind turbine were subsequently correlated. The results indicated that ice formation on the blade tip airfoil's leading edge caused wind turbine power performance to decrease by approximately 8–29%.