For enhancing the power captured from the wind, the shaft speed need to be controlled. Power electronic converters are used to interface the induction generator with the grid and maximize the power captured from the wind. In this paper wind energy conversion system using the schemes based on back to back dual converter topology and the matrix converter topology are compared. Using the matrix converter, the terminal voltage and frequency of the induction generator can be controlled in such a way that the wind turbine is operating at its maximum power point for all wind velocities. The power factor at the interface with the grid is also controlled by the matrix converter to ensure purely active power injection into the grid for optimal utilization of the installed wind turbine capacity. Simulation results support the claims made on the advantages of the matrix converter scheme.