A system, comprising: an excitation system configured to regulate one or more outputs of a power generating system, comprising: data processing circuitry configured to obtain an electrical voltage measurement and an electrical current measurement associated with the power generating system, to receive the electrical voltage measurement via one or more potential transformers (PTs) coupled to a generator of the power generating system, and to receive the electrical current measurement via a plurality of current transformers (CTs) coupled to the generator of the power generating system; a transformer failure detection system configured to detect an abnormality associated with the electrical voltage and electrical current measurements as an indication of a transformer failure; and a failure detection deactivation system configured to deactivate the transformer failure detection system based at least in part on whether the abnormality comprises one of a first condition or a second condition, characterized in that the electrical current measurement is configured to determine whether the abnormality comprises the first condition or the second condition, and in that the failure detection deactivation system is configured to derive a deactivation signal by: computing a square root of a sum of squares of the electrical current measurement to compute an electrical current magnitude; computing a filtered derivative of the electrical current magnitude; and comparing the filtered derivative of the electrical current magnitude to a current threshold value, wherein the deactivation signal is generated when the filtered derivative of the electrical current magnitude exceeds the current threshold value, wherein the failure detection deactivation system is configured to compute the filtered derivative by, at least in part, computing a step response of the electrical current magnitude, wherein a rise time of the step response is detected as an indication of an electrical fault. an excitation system configured to regulate one or more outputs of a power generating system, comprising: data processing circuitry configured to obtain an electrical voltage measurement and an electrical current measurement associated with the power generating system, to receive the electrical voltage measurement via one or more potential transformers (PTs) coupled to a generator of the power generating system, and to receive the electrical current measurement via a plurality of current transformers (CTs) coupled to the generator of the power generating system; a transformer failure detection system configured to detect an abnormality associated with the electrical voltage and electrical current measurements as an indication of a transformer failure; and a failure detection deactivation system configured to deactivate the transformer failure detection system based at least in part on whether the abnormality comprises one of a first condition or a second condition, characterized in that data processing circuitry configured to obtain an electrical voltage measurement and an electrical current measurement associated with the power generating system, to receive the electrical voltage measurement via one or more potential transformers (PTs) coupled to a generator of the power generating system, and to receive the electrical current measurement via a plurality of current transformers (CTs) coupled to the generator of the power generating system; a transformer failure detection system configured to detect an abnormality associated with the electrical voltage and electrical current measurements as an indication of a transformer failure; and a failure detection deactivation system configured to deactivate the transformer failure detection system based at least in part on whether the abnormality comprises one of a first condition or a second condition, characterized in that the electrical current measurement is configured to determine whether the abnormality comprises the first condition or the second condition, and in that the failure detection deactivation system is configured to derive a deactivation signal by: computing a square root of a sum of squares of the electrical current measurement to compute an electrical current magnitude; computing a filtered derivative of the electrical current magnitude; and comparing the filtered derivative of the electrical current magnitude to a current threshold value, wherein the deactivation signal is generated when the filtered derivative of the electrical current magnitude exceeds the current threshold value, wherein the failure detection deactivation system is configured to compute the filtered derivative by, at least in part, computing a step response of the electrical current magnitude, wherein a rise time of the step response is detected as an indication of an electrical fault. computing a square root of a sum of squares of the electrical current measurement to compute an electrical current magnitude; computing a filtered derivative of the electrical current magnitude; and comparing the filtered derivative of the electrical current magnitude to a current threshold value, wherein the deactivation signal is generated when the filtered derivative of the electrical current magnitude exceeds the current threshold value, wherein the failure detection deactivation system is configured to compute the filtered derivative by, at least in part, computing a step response of the electrical current magnitude, wherein a rise time of the step response is detected as an indication of an electrical fault.