<p>Dynamic stability analysis has received considerable research attention in power systems including enormous microgrids. The present study presents a new method for equivalencing a grid-connected multi-microgrid system using a simple small signal model. Different types of distributed generation units such as voltage source converters and synchronous generators are considered in this system. In addition, the general ZIP (constant-impedance “Z”, constant-current “I” and constant-power “P”) model of the loads is taken into account in the equivalencing procedure. The proposed model is not merely a mathematical model, but an electrical model with comprehensible parameters such as time constants and inertia, which can provide valid and accurate results at different operating points. The suggested equivalencing method is completely measurement-based, and the required data can be collected at the point of common coupling. The obtained equivalent model is tested and validated under different operating conditions for assessing its accuracy.</p>