A trip reduction tool for a wind turbine power system includes a capacitor assembly configured to provide multiple capacitance levels for the power system, including e.g. a first level of capacitance during a learning phase of the tool. The tool also includes one or more processors communicatively coupled to the capacitor assembly that is configured to monitor a plurality of electrical devices of the power system for trips during the learning phase. When a trip is detected, the processor(s) collects data and determines a location of the trip. When the location of the trip is located in an electrical device that corresponds to a weak link of the power system, the processor(s) determines a second level of capacitance for the power system based on the collected data. In addition, the processor(s) provides the second level of capacitance at the weak link of the power system to reduce future trips of the electrical device.