In this paper, a holistic nonlinear state-space model of a system with multiple converters is developed, where the converters correspond to the wind turbines in a wind farm and are equipped with grid-following control. A novel generalized methodology is developed, based on the number of the system’s converters, to compute the equilibrium points around which the model is linearized. This is a more solid approach compared with selecting operating points for linearizing the model or utilizing EMT simulation tools to estimate the system’s steady state. The dynamics of both the inner and outer control loops of the power converters are included, as well as the dynamics of the electrical elements of the system and the digital time delay, in order to study the dynamic issues in both high- and low-frequency ranges. The system’s stability is assessed through an eigenvalue-based stability analysis. A participation factor analysis is also used to give an insight into the interactions caused by the control topology of the converters. Time domain simulations and the corresponding frequency analysis are performed in order to validate the model for all the control interactions under study.