1. A method for regulating power rating of a wind turbine generator of a wind turbine, the method comprising: calculating a baseline predicted life of the wind turbine based on an estimated wind turbulence; sensing a plurality of operating parameters of the wind turbine generator; assessing the plurality of operating parameters with respect to respective design ratings for the operating parameters by estimating fatigue in real time based on wind history using signal processing via generated transfer functions of power and damage rates; uprating a power set point of the wind turbine when the assessment indicates that a sensed wind turbulence is lower than the estimated wind turbulence; and adjusting at least one boundary of at least one command signal to modify torque, speed, blade pitch, current, reactive power, or combinations thereof for dynamically modifying a rated power output of the wind turbine generator based at least in part upon the power set point.