I would like to know which model would be more efficient in using for transient stability simulation studies?
In Matlab application, you can find several model of synchronous generator. It is very suitable for doing research work for transient stability issues. Also you have there a few examples cases with synchronous generator.
All simulation tools for large interconnected system simulations have several different options for modeling synchronous generators. The most commonly used models include synchronous, transient and sub-transient effects. These models are called 2.1 (for salient pole units) and 2.2 (for round rotor units) in the jargon of the IEEE Std. 1110. Please refer to this Standard for more details.
All most all generators in matlab example have pretty much same characteristics. For transient stability analysis, you have to or you may have to play with other parameters, in terms of machine design particularly pole, applications of generators, (Based on the input types, generator has different parameters and conditions.)
Depends...
There are numerous models available in the literature. In addition to the answer posted by Lima, I would like to mention that starting from the simplest model (second order swing equation), there are other higher order models such as, 2.1, 2.2, 3.2, 3.3 and so on (as recommended by IEEE). The variation in the generator model basically depends on the number of fictitious damper windings being considered for mimicking flux linkage phenomenon along the direct and quadrature axes of the machine. However, as the model order increases, so does the model complexity and associated simulation time. On the other hand, the simpler model is unable to capture important machine dynamics. Hence, a trade-off has to be established between the modeling complexity and simulation time. In general, for transient stability study, in undergraduate level, the 2nd order model is adopted. However, for research related works, model 2.2 (or at least 2.1) has to be taken into consideration.
The third order dynamic model would be a good compromise between the accuracy and model complexity
There is (in my opinion) a bit of confusion when talking about the order of these synchronous machine models. The industry practice, at least in North America, Brazil, Argentina, Europe, UAE, Malaysia, Indonesia, and Australia (I've worked with the system data for these regions, other regions might do the same, but I simply don't know for sure), is to use models representing sub-transient effects. That means 2 equivalent circuits in the d-axis and one or 2 equivalent circuits in the q-axis. These models also have the two state variables (rotor angle and speed) associated with the shaft dynamics.
These models are called 2.2 or 2.1 in the IEEE Std. 1110 (due to the number of equivalent circuits in the d- and q-axes) and have a total of 6 and 5 state variables, respectively.
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