The paper describes the procedure for modeling the saturation of the main magnetic circuit of a synchronous hydrogenerator, which is based on measuring synchronous reactances at a series of stationary operating points. For this purpose, measurements were carried out on a 34 MVA generator in the Peruca HPP, on the basis of which the values of the synchronous reactances in the d- and q-axes were determined. Using these results, a saturation model of the generator’s main magnetic circuit was defined as the dependence of the synchronous reactances on the magnetomotive force in the d- and q-axes. The developed model uniquely defines the generator’s saturation characteristics in the stationary state, and the saturation surface obtained in this way very well approximates the actual saturation of the machine’s magnetic circuit. The developed saturation model was used, among other things, to analyze the effect of transverse magnetization. In addition, an algorithm was defined by which, using an iterative procedure, the simulation of the generator’s stationary characteristics is carried out, taking into account the influence of saturation. A comparison of simulated and measured quasi-stationary responses on the generator at HPP Peruca was conducted, and excellent agreement between simulation results and measurements was obtained, confirming the validity of the developed saturation model.