This study compares the performance of two optimal control strategies—Optimal Tip-Speed Ratio Control (OTSRC) and Optimal Torque Control (OTC)—within a standalone, variable-speed wind energy conversion system based on a Permanent Magnet Synchronous Generator (PMSG). The system under study comprises a 3 kW wind turbine, a PMSG, a three-phase diode rectifier, a DC–DC boost converter, a battery bank, and an inverter; simulations were conducted using the MATLAB/Simulink environment. To ensure a fair comparison, both strategies were evaluated using identical system parameters, wind-speed profile, initial conditions, converter parameters, and controller tuning, with only the Maximum Power Point Tracking (MPPT) strategy being varied. The results indicate that OTC exhibits lower tracking error and reduced oscillations compared to OTSRC, while also maintaining operating points closer to the optimal trajectory. At a rated wind speed of 9 m/s, the extracted mechanical power was approximately 2,500 W (81% of the optimal mechanical power) for OTSRC and approximately 3,000 W (97% of the optimal) for OTC. This performance is attributed to the OTC control structure, where the torque reference is determined directly based on rotor speed, whereas in OTSRC, the torque reference is derived through a speed control loop and an inner torque loop. Furthermore, OTC operates without requiring direct wind-speed measurement, although its performance depends on the accuracy of turbine parameters and aerodynamic characteristics. Given that the results depend on the system parameters and structure, generalizing these findings to other wind energy systems requires experimental validation and analysis under varying operating conditions.