The quality as well as reliability of electrical energy transmitted to consumers is one of the main parameters of successful operation of the power system. The problem of power oscillation damping in the power system is solved using power system stabilizer (PSS) which use additional voltage regulation loops. The searching of optimal coefficient’s combination of PSS is the main goal of this article. In this paper, the possibility of application of the new combined approach for the optimal excitation’s settings search, is presented. The proposed combined method consists of several base steps: 1. The search of PSS optimal settings applying multi-objective function (taking into account such parameters of power system as frequency, generator’s voltage and active power); 2. Application of the Monte Carlo method in order to search and select the optimal combination of excitation systems parameters, and verification of these parameters using multi-objective function; making decision, which set of parameters is more optimal; The proposed method has been researched with a simplified mathematical model of the power system. This model has been built using Matlab/Simulink software. Paper shows advantages and disadvantages of the proposed methods.