The paper reviews and compares the most popular control strategies for Permanent Magnet Synchronous Motor (PMSM) drives, viz., Field-Oriented Control (FOC) and Direct Torque Control (DTC). The comparison is based on various criteria, including basic control characteristics, dynamic performance, and implementation complexity. The choice of an exact Maximum Power Point Tracking (MPPT) algorithm for a particular case requires sufficient proficiency because each algorithm has its own advantages and disadvantages. Hence, an appropriate review of these algorithms is essential. The simulation and evaluation of various control strategies are reviewed using actual parameters of PMSM used for wind turbine and a new strategy for realtime speed control of PMSM in a motoring mode for variable speed wind energy conversion system application is proposed with better dynamic response characteristics.