Grid-forming voltage source converters (GFM-VSCs) offer reliable supports for the fault ride-through capability of renewable energy generators. While current-limiting (CL) control degrades the system’s transient stability during the fault. Traditional transient stability analysis for GFM-VSCs with amplitude-saturated current limiters predominantly relies on the current-source equivalent models. Such models not only fail to reveal changes in physical meaning induced by the mode switching during CL

but also struggle to analyze the influence mechanism of voltage control schemes and current limiters on transient stability. To address this issue

a transient stability analysis method for GFM-VSCs with current limiters is proposed based on the voltage-source equivalent model. From the perspective of equivalent system impedance

the influence mechanism of current limiters with different priorities on the power characteristics and system stability is systematically analyzed. The results show that

for GFM-VSCs with virtual admittance voltage control

the current limiters realize current suppression and phase shift by adjusting the magnitude and angle of the system impedance. Specifically

the impedance angle plays a dominant role in affecting the transient stability margin

by elevating or depressing the power characteristic during CL. Comparative analysis shows that the converter with the q-axis priority current limiters exhibits the largest impedance angle and stability margin

whereas the converter with the d-axis priority limiters has the smallest ones. Simulation results validate the accuracy of the proposed model and the correctness of the theoretical analysis.