In this letter, a new methodology is proposed to extend the applicability of conventional power flow methods to islanded microgrids (MGs), operating with the droop control method. A slack bus is considered to be connected at a random MG node. The operational conditions of this slack bus as well as of the rest MG nodes are determined through an iterative procedure. The objective of this procedure is to force the active and reactive power flowing through the slack bus to zero, representing the islanded MG operation. The proposed approach has a similar accuracy with time-domain simulations, while it reduces significantly the required computational burden.