Due to the limited size and lower environmental impact, a small-scale wind energy conversion system (WECS) is a promising alternative for remote locations and residential areas where installing large wind turbines is not feasible. This system employs a permanent magnet synchronous generator (PMSG) as a variable speed wind generator due to its advantages such as high torque density, gearless, and require no external excitation, etc. This article proposes a single load current sensor-based adaptive step size (LCAS) maximum power point extraction (MPPT) method which utilizes the load current information to track the maximum power. This method does not require rotor speed information and knowledge of the turbine parameters. Also, this article uses a simple and cost-effective switch mode rectifier topology (AC–DC and DC–DC boost converters) for the PMSG-based variable speed WECS. The proposed method is validated in a 1.5 kW test rig using an OPAL-RT digital signal controller and also compared with various fixed step size (FSS) MPPT algorithms at various operating conditions. Extensive experimental work has been carried out for the LCAS MPPT method that confirms the tracking efficiency is better and tracking speed is faster along with the improved steady state as well as transient performance.