The paper proposes a direct method for transient stability assessment, which is more efficient than traditional time-domain simulation methods. To achieve this objective, a new bounded control law for the model of a power system is designed. This yields superior closed-loop transient performances when compared to those achievable with traditional automatic voltage regulators and power system stabilizers. The designed control law allows defining an energy-based Lyapunov function which is instrumental in assessing transient stability properties of the post-fault system. A case study on a single machine infinite bus power system model is presented to illustrate the merits of the proposed method.