A multi-rate parallel real-time simulation method based on FPGA–CPU is studied to realize the asynchronous co-simulation of the converter of doubly fed wind power systems with the wind turbine and external power grid. The doubly fed wind power system is partitioned by simulation step length, and the partitioned small-step-length data are processed using integral homogenization. For large-step data, an improved delay-compensated linear interpolation method combined with Newton interpolation is proposed for processing. The general small time-step (GST) model method is used to implement the FPGA modeling of the small-step converter, and resource optimization is achieved through timing time-division multiplexing. Asynchronous parallel co-simulation of a doubly fed wind power system is implemented on an FPGA–CPU co-simulation platform. Among them, the FPGA realizes the development of the converter HDL with a small step of 1 $\mathsf{\mu }\mathrm{s}$, while the CPU completes the simulation of the wind turbine and power grid synchronously with a large step of 50 $\mathsf{\mu }\mathrm{s}$. Finally, by comparing with MATLAB/Simulink offline simulation and analyzing the error, it is concluded that the simulation accuracy of the improved method in this paper is higher than that of the un-interpolated parallel simulation, which verifies the real-time performance and accuracy of the modeling and improved method in this paper.