The present disclosure is directed to systems and methods for validating and/or identifying wind farm performance measurements so as to optimize wind farm performance. The method includes measuring operating data from one or more wind turbines of the farm. Another step includes generating a plurality of baseline models of performance of the wind farm from at least a portion of the operating data. Thus, each of the baseline models of performance is developed from a different portion of operating data so as to provide comparable models. The method also includes selecting an optimal baseline model and comparing the optimal baseline model with actual performance of the wind farm. In a particular embodiment, the actual performance of the wind farm is determined after one or more wind turbines of the wind farm is modified by one or more upgrades.