The intermittent and stochastic characteristics of wind power pose a higher demand on the complementarity of hydropower. Studying the optimal coordinated operation of hydro–wind power systems has become an extremely effective way to create safe and efficient systems. This paper aims to study the optimal coordinated operation of a hybrid power system based on a newly established Simulink model. The analysis of the optimal coordinated operation undergoes two simulation steps, including the optimization of the complementary mode and the optimization of capacity allocation. The method of multiple complementary indicators is adopted to enable the optimization analysis. The results from the complementary analysis show that the hydraulic tracing effect obviously mitigates operational risks and reduces power losses under adverse wind speeds. The results from the analysis of capacity allocation also show that the marginal permeation of installed wind capacity will not exceed 250 MW for a 100 MW hydropower plant under random wind speeds. These simulation results are obtained based on the consideration of some real application scenarios, which help power plants to make the optimal operation plan with a high efficiency of wind energy and high hydro flexibility.