Dynamic simulation is vitally important in power system analysis, but traditional approaches based on numerical integration over small time steps are time-consuming. Also, the Newton-Raphson method suffers from difficulty in convergence when solving nonlinear algebraic equations. This paper proposes a novel dynamic simulation approach based on holomorphic embedding. By obtaining a high-order approximation of system dynamics, it achieves a much larger time step and thus enhances the computational efficiency significantly. In addition, the new approach avoids non-convergence issues in solving algebraic equations, which improves robustness. The approach includes flexible modeling of synchronous generators and controllers, and we propose a method for modeling generator coordinate transformations. The approach is tested on the IEEE 39-bus, 10-generator system and a Polish 2383-bus, 327-generator system. The results demonstrate promising computational efficiency and satisfactory numerical robustness for the analysis of large-scale power systems.