With the wind power penetration rate continuously rising, a suitable wind farm model considering both accuracy and simplicity is required for power system stability analysis. To accomplish this goal, an accurate aggregated modified sequence impedance model of the wind farm is established in this paper. The modified sequence impedance model of wind turbine generator is established, which considers the coupling between the positive- and negative-sequence impedances. The modified sequence impedances of the ac collection system, transformers, and ac grid are also derived. In this way, the impedance network of the entire wind farm system can be formed and simplified to acquire the accurate aggregated modified sequence impedance. Furthermore, the proposed model is compared with the traditional single-machine aggregated model which shows the necessity of establishing the accurate aggregated model. It is worth noting that the differences among each wind turbine generator’s operation points can be included in the proposed model. Compared with the results of impedance measurements of a target wind farm, the accuracy of the proposed aggregated sequence impedance model of the wind farm is verified in frequency domain. The application of the proposed model in the stability analysis of a grid-connected wind farm is also presented with consideration of the ac grid strength. What is more, the effect of the inertial controller on the wind farm system stability is also analyzed to make the impact of this study much more appealing and up to date.