This paper presents the development and investigation of an excitation-current-based control approach for improving voltage stabilization and operating performance of a small-scale wind energy conversion system operating under variable wind speed conditions. The proposed system employs a synchronous generator with regulated excitation integrated into a subsystem-oriented MATLAB/Simulink simulation model intended for analysis of aerodynamic and electromechanical operating processes. A mathematical model of the wind energy conversion system was developed considering aerodynamic power conversion, synchronous generator electromechanical dynamics, excitation current regulation, and electrical loading conditions. A PI/PID-based excitation control algorithm was implemented for continuous adjustment of excitation current according to generator terminal voltage deviations under transient wind operating modes. Simulation studies were performed under different wind speed and loading conditions in order to investigate generated voltage, electrical power, excitation current, and rotor rotational speed characteristics. The obtained results demonstrated that excitation-current regulation improves voltage stabilization performance, reduces transient voltage oscillations, and enhances operating stability of the generating system under stochastic wind disturbances. The developed control approach also improved adaptation of the synchronous generator to variable mechanical loading conditions and reduced the influence of aerodynamic disturbances on electromechanical operating behavior. The proposed excitation-based regulation method represents a practically applicable and comparatively low-complexity approach for improving the operating efficiency and voltage stabilization characteristics of small-scale wind energy conversion systems.