A damping system for a turbomachine slip ring includes a slip ring assembly. The slip ring assembly includes a rotating component which is coupled at one end to a rotor shaft of the turbomachine and a stator component which circumferentially surrounds a rotatable center core portion of the rotating component. The system further includes a static structure which defines a carrier sleeve where the carrier sleeve circumferentially surrounds a portion of the stator component. The system also includes a damping material which extends radially between an inner surface of the carrier sleeve and an outer surface of the stator component so as to dissipate vibrational energy of the slip ring assembly during rotation of the rotor shaft.