This paper presents a comprehensive stability analysis of a single-area load frequency control (LFC) system with constant communication delays. First, an exact method that takes into account both gain and phase margins is proposed to determine stability delay margins in terms of system and controller parameters. The method implements an elimination procedure to transform transcendental characteristic equation into a standard polynomial of the crossing frequency. The real roots of this new standard polynomial exactly match with the purely imaginary roots (crossing frequencies) of the original characteristic equation with transcendental terms. Secondly, an effective and simple graphical method is implemented to compute all stabilizing Proportional Integral (PI) controller gains for a given time delay. The approach is based on extracting stability region and the stability boundary locus in the PI controller parameter space having user defined gain and phase margins, and relative stability. The time-domain simulation studies indicate that the proposed scheme improves dynamic performance gain and phase margins are included in delay-dependent stability analysis of single-area LFC with communication delays.