SummaryA method to control a generic system of nonlinear ordinary differential equations between equilibrium states is analyzed. The objective is to ensure that the system's state space trajectory closely tracks an equilibrium path. The control law is obtained via time parameterization of the corresponding equilibrium control path. Conditions which guarantee that the system's state space trajectory closely tracks the equilibrium path are proved using two approaches. One approach uses the mean value theorem, and the other uses the slowly time‐varying systems theory. Importantly, both methods provide relationships between the control rate norm and the tracking error norm. These allow computation of upper bounds on the control rate norm which guarantee a desired upper bound on the tracking error norm. They also enable computation of upper bounds on the tracking error norm for a given upper bound on the control rate norm. Examples illustrate the theoretical results.