The phase-locked loop (PLL) method is widely used for automatic resonance frequency tracing (ARFT) of high-power ultrasonic transducers, which are usually vibrating systems with high mechanical quality factor (Qm). However, a heavily-loaded transducer usually has a low Qm because the load has a large mechanical loss. In this paper, a series of theoretical analyses is carried out to detail why the traditional PLL method could cause serious frequency tracing problems, including loss of lock, antiresonance frequency tracing, and large tracing errors. The authors propose an improved ARFT method based on static capacitance broadband compensation (SCBC), which is able to address these problems. Experiments using a generator based on the novel method were carried out using crude oil as the transducer load. The results obtained have demonstrated the effectiveness of the novel method, compared with the conventional PLL method, in terms of improved tracing accuracy (±9 Hz) and immunity to antiresonance frequency tracing and loss of lock.