In this paper, a dynamic equivalent method applicable to the direct-drive permanent magnet synchronous generator (PMSG) based wind farms under asymmetrical faults is proposed. Firstly, PMSGs are clustered based on their different active power characteristics under asymmetrical faults. Further, single-machine equivalent models (SMEMs) are constructed for different clusters of PMSGs. In particular, an SMEM with multi-segmented slope recovery is introduced for PMSGs with ramp recovery characteristics. Further, a collector network equivalent method for wind farms applicable to both symmetrical and asymmetrical faults is presented. Moreover, an iterative simulation method is used to gain the required clustering indicators before the fault actually occurs. Eventually, the effectiveness of the proposed dynamic equivalent method is verified on a modified IEEE 39-bus system.