This paper deals with the adaline based control of a solid state voltage regulator (SSVR) for isolated asynchronous generator (IAG). With indirect current control, proposed control scheme uses a fast adaptive linear element (adaline) based neural network reference current extractor, which extracts the real positive sequence current component without any phase shift. The estimation of the reference current through adaline utilizes LMS (least means squire) algorithm to maintain online calculation of weights. A closed loop PI (proportional-integral) controller is used for regulating the DC bus of SSVR. The control scheme is verified for regulating the voltage of an isolated asynchronous generator in constant speed variable power application through simulation in MATLAB using Simulink and PSB (power system block) toolboxes.