We present an approach for the analytical treatment of excitable systems with noise-induced dynamics in the presence of time delay. An excitable system is modeled as a bistable system with a time delay, while another delay enters as a control term taken after [Pyragas 1992] as a difference between the current system state and its state τ time units before. This approach combines the elements of renewal theory to estimate the essential features of the resulting stochastic process as functions of the parameters of the controlling term. |