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For transient stability simulations (i.e. short circuits) you could reduce the dynamic model in the following order:

1 Remove governor models

2 Remove stabiliser models

3 Remove exciter models

Remove until the number of STATEs are within the limit. Start removing for small machines, e.g. remove exciter for small machines until the number of STATEs are ok. But, as @jconto wrote, keep exciters for generators close to the disturbance (short circuit).