Especially if your system operates at the maximum of its nominal speed or rating, then an overspeed situation can quickly do damage to the generator or the turbine runner.
If one of the monitored parameters goes out of range, a relay can trigger any of the following things, depending on your setup:
Use the microcontroller unit in parallel to an existing ELC, to monitor and protect the system.
If one of the parameters comes close to the limit, you can set up the controller to send you a SMS message or notify you otherwise, so you can take action before the system goes down.
For example, the ELC can vary the frequency in a rhythmical manner. This will be noticed as flickering light or a change in the hum of electrical applicances.