In order to explain the mechanism of the excitation part of the low-frequency oscillation, an equivalent circuit of the generator excitation part is constructed based on the sixth-order model of the generator. Through the equivalent circuit of the excitation part of the generator, the energy flow of the excitation part of the generator is constructed. Through TLS-ESPRIT technique, DC power can be obtained. DC energy is obtained through DC power integration. The generator excitation part injects the positive and negative DC energy of the system to determine the positive or negative contribution of the excitation control system to the damping of the system oscillation. The simulation results verify the validity of the conclusions and lay the foundation for the direct current energy analysis of excitation damping from the equivalent circuit.