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As a complex nonlinear system, the power system in operation may experience chaotic oscillation which can threaten the stability of the system for unexpected events and uncertain factors. Initially, through considering factors such as the generators, the power system node voltage amplitude and phase angle, this brief establishes a fourth-order power system dynamic model and a two-parameter fourth-order power system mathematical model with load reactive power and mechanical input power as chaotic parameters to explore the mechanism and characteristics of chaos in the power system with the chaos theory. In addition, a sliding mode controller based on exponential reaching law for four state variables is designed, which is used to suppress the chaotic oscillation of the power system and guarantee the system can work stably at the target operating point within the chaotic parameter range. The designed controller can effectively suppress the chaos in power system and has an ideal performance. [ABSTRACT FROM AUTHOR]