Wind-thermal-bundled system has emerged as the predominant type of power system, incorporating a significant proportion of renewable energy. The dynamic interaction mechanism of the system is complex, and the issue of oscillation stability is significant. In this paper, the damping characteristics of the direct current (DC) capacitance oscillation mode are analyzed using the path analysis method (PAM). This method combines the transfer-function block diagram with the damping torque analysis (DTA). Firstly, the linear models of the permanent magnet synchronous generator (PMSG), the synchronous generator (SG), and the alternating current (AC) grid are established based on the transfer functions. The closed-loop transfer-function block diagram of the wind-thermal-bundled systems is derived. Secondly, the block diagram reveals the damping path and the dynamic interaction mechanism of the system. According to the superposition principle, the transfer-function block diagram is reconstructed to achieve the damping separation. The damping coefficient of the DTA is used to quantify the effect of the interaction between the subsystems on the damping characteristics of the oscillation mode. Then, the eigenvalue analysis is used to analyze the system stability. Finally, the damping characteristic analysis is validated by time-domain simulations.