The present disclosure is directed to a protection system for a wind turbine power system connected to a power grid. The protection system includes a main brake circuit having at least one brake resistive element and at least one brake switch element, a battery system, and a controller. The brake resistive element is coupled to at least one of a DC link of a power converter of the wind turbine power system, windings of a rotor of the generator, or windings of a stator of a generator of the wind turbine power system via the brake switch element. The battery system is coupled to the generator via a battery switch element. In addition, the controller is configured to disconnect the power converter and the generator from the power grid and connect at least one of the main brake circuit or the battery system to the generator in response to detecting an electromagnetic (EM) torque loss event so as to generate an EM torque.