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Highlights • Matrix perturbation theory is applied to stability analysis and control of DCPPS. • A perturbation-based eigenvalue tracking method is offered to track targeted modes. • It is a building block for optimally tuning WADCs to damp interarea oscillations. • Delay approximation effect on SOD-based eigenvalue method's accuracy is analyzed. • Identified key factors guide to select suitable parameters to precondition DCPPS. Abstract In this paper, the matrix perturbation theory is introduced to delayed cyber-physical power system (DCPPS) for analyzing the variations of eigenvalues and eigenvectors when small changes are imposed on system parameters and time delays. On one hand, a perturbation-based eigenvalue tracking method is presented to reliably track the targeted interarea oscillation modes so that wide-area damping controllers (WADCs) can be optimally designed to damp them. On the other hand, key factors affecting the accuracy of the solution operator discretization (SOD)-based eigenvalue computation methods for DCPPS are identified by matrix perturbation analysis, which provide a guidance for selecting suitable parameters to precondition the DCPPS. The study results on the 16-generator 68-bus test system validate the effectiveness of the two applications of matrix perturbation theory. [ABSTRACT FROM AUTHOR]