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Traditionally, the simulation of transient and voltage stability in power systems has been constrained to domain-specific tools such as Simpow, PSS/E, ETMSP, and EuroStag. While being efficient and thereby able to simulate large systems, their component models are often encapsulated and difficult or impossible to examine and modify. Also, these simulators often require substantial training and are therefore not ideal for normal classroom use. For academic and educational use, it is more important that the component modeling be transparent and flexible, and that students quickly get started with their simulations. This paper describes a freely available power system library called ObjectStab intended for power system stability simulations written in Modelica, a general-purpose object-oriented modeling language. All component models are transparent and can easily be modified or extended. Power system topology and parameter data are entered in one-line diagram form using a graphical editor. The component library has been validated using comparative simulations with EuroStag.