Currently, the electric power production by wind energy conversion systems (WECSs) has increased significantly. Consequently, wind turbine (WT) generators are requested to fulfill the grid code (GC) requirements stated by network operators. In case of grid faults/voltage dips, a mismatch between the generated active power from the wind generator and the active power delivered to the grid is produced. The conventional approach is using a braking chopper (BC) in the DC-link to dissipate this active power. This paper proposes a fault-ride through (FRT) strategy for variable-speed WECSs based on permanent magnet synchronous generators (PMSGs). The proposed strategy exploits the rotor inertia of the WECS (inertia of the WT and PMSG) to store the surplus active power during the grid faults/voltage dips. Thus, no additional hardware components are requested. Furthermore, a direct model predictive control (DMPC) scheme for the PMSG is proposed in order to enhance the dynamic behavior of the WECS. The behavior of the proposed FRT strategy is verified and compared with the conventional BC approach for all the operation conditions by simulation results. Finally, the simulation results confirm the feasibility of the proposed FRT strategy.