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Centralized control using system-wide data has been suggested to enhance the dynamic performance of large interconnected power system. However, the impact of time delays in acquisition and transmission of key signals cannot be ignored. A novel direct method (DM) based on cluster treatment of characteristic roots (CTCR) is introduced in this paper to analyze the stability of a power system considering the feedback transmission delay. The complete stability view of a time delayed single-machine infinite-bus (SMIB) system is obtained through the direct method in time delay space. The validity of this method is verified by time domain simulation results.