Surface mounted permanent magnet Vernier (SPM-V) machines are known for their high torque density but relatively poor power factor compared to conventional SPM machines. The high torque density feature of the SPM-V machines is desirable for direct-drive offshore wind power applications as it leads to reduced generator size, mass and cost. However, their poor power factor can negatively affect the converter cost and efficiency. This paper compares the system-level performance, including generator active and structural components and converter, between the SPM-V and the conventional SPM generator systems. Four different power ratings, i.e. 0.5MW, 3MW, 5MW and 10MW, have been considered to study the trend of system-level performance with increasing power rating. The study shows that the SPM-V generators can be lighter and cheaper than their conventional SPM counterparts. However, after the consideration of converter cost and efficiency, the conventional SPM generator exhibited slightly better overall performance. Nonetheless, with the development of novel Vernier topologies and reduction in converter costs in the future due to emerging technologies, the Vernier generators can still be competitive for direct-drive offshore wind power applications.