Man, there are so many and to me, the diff between a good ballad and a great one is the emotional connection.
You hit on something there. Although when I look back on my list, though I am emotionally stirred by those songs, I do not necessarily have a strong direct connection to the stories being told. Yet they all do speak volumes to me and move me deeply. I have no connection to horses or cowgirls, or outlaws, or journeymen. Perhaps to riding motorcycles, but that's the only connection I find in my list. Perhaps I'm misunderstanding you. Do you mean the emotional connection of the singer to the story? Certainly a story told with great passion and empathy is bound to connect more effectively. Regardless, I am definitely deeply moved by this music, and these stories told so often with such a great economy of words, yet speaking so much.
I don't know that just any old song that tells a story could be considered a ballad. I suppose technically it could. I don't know what it is that separates the cream from the milk, but I sure don't think that any song that tells a story is a great ballad. I guess my own take on them is that they tell the story of specific individuals, in a specific time and place. Though they may remain nameless, their stories are the source of the emotion and connection.
Great suggestions here thus far...thanks. I will check some of these out, while familiar with many as well.
A few more come to mind from frequent listening, that are perhaps more modern than traditional:
The Last of the Hobo Kings, Mary Gauthier
Making Pies, Patty Griffin
Johnny Cash...Emmylou for sure! Richard and Linda Thompson - oh yes!
Keep'em coming.