The use of superconducting magnetic energy storage (SMES) has been widely reported in the literature to mitigate various load frequency control (LFC) issues in a multi-area power system. Most of these are thyristor based SMES, employing proportional type controllers. In this paper, a supervisory adaptive model predictive control scheme (AMPC) is proposed for a voltage source converter based relatively small rating SMES for LFC application. The reference power command for the SMES is derived from the AMPC in such a manner that it effectively handles the operational constraints of the SMES system. A representative first-order system emulating the inner loop dynamics of the SMES chopper system, is tuned offline via genetic algorithm (GA) and is used to derive dynamic constraints for the cost function in AMPC. The effectiveness of the scheme is demonstrated through simulations.