This paper focuses on the comparative evaluation of the performance of a five-phase permanent magnet synchronous generator associated with a rectifier for renewable marine energy conversion under two open-circuit phase conditions. Three fault-tolerant strategies are investigated in faulty mode, keeping a constant electromagnetic torque while respecting the complex coupling between the generator and the rectifier. Four performance criteria depending on the physical parameters of the generator and the rectifier—such as winding temperature, maximum current in the rectifier, generator copper losses, and torque—are considered. Regarding the performance, simulation results are presented and discussed.