The invention relates to a hydroelectric generating set speed regulation control simulation method and system. The system includes a RTDS real-time simulation apparatus, a frequency-testing unit, a water turbine governor, a water diversion system and a water turbine simulation apparatus. A water diversion pipeline water hammer effect model is established to simulate water diversion pipeline water hammer effects, an actual water turbine governor is subject to parameter and structure identification so as to establish a water turbine governor RTDS model which accords to actual operation mode and control mode. The simulation level of the governor is increased due to the RTDS model. Precise simulation of the characteristics of frequencies of the hydroelectric generating set is realized, and simulation precision is increased.