As the complexity of the power system becomes higher, tests of the new devices, such as exciter and PCS(Power Conversion System) of the distributed generation sources, in the real operating condition are more important. However tests of the unverified devices in the real power system may cause hazardous malfunction of the system. In order to avoid this problem, power devices may be tested with the real-time simulators instead of the real power system. This paper presents an real-time multi machine power system simulator using PCs(Personal Computer) and Fast Ethernet. Developed real-time simulator performs the electro-mechanical dynamic simulation of multi-machine power system by the network distributed computing technique. Because the simulator consists of usual PCs and Fast Ethernet, it is possible to make up a simulation system very cheaper than the conventional real-time simulator which consists of dedicated expensive hardware devices. The performance of the developed simulator is tested and verified with the scaled model excitation system. The test which adjust the control parameters of the exciter is performed with the well-known New England 10 generator 39 bus sample power system.