The paper presents the procedure for identifying the synchronous reactance in the longitudinal and transverse axis of the hydrogenerator during operation (on-line), which is based on the measurements that are available within the diagnostic monitoring system of the hydrogenerator. Two identification procedures were considered. The first is based on measurements in a stationary operating point and knowledge of the excitation current reduction factor, and the second is based on the recording of quasi-stationary responses in the environment of the operating point and the application of the appropriate estimation algorithm. It is shown that the second procedure, which is theoretically correct, cannot be applied in real operating conditions. In the first procedure, the excitation current reduction factor is determined based on the generator’s idle and short-circuit characteristics. The measurements were performed on the generator at HE Peruca (26 MVA), and the results of the synchronous reactance measurements in the longitudinal and transverse axes obtained for different operating points of the generator are presented. Also shown are the results of measuring the stray reactance of the armature winding of the same generator.