Yep thats another option, but a simple PI controller seems to work fine for steady state flight.
To take this further a set of specifications need to be settled on ie:
1) maintain steady speed within 5kn of target
2) achieve the above with climb/dive angles of +/-10 degrees
3) handle a step change of set speed with a settling time of 20 seconds and a maximum overshoot of 5%
Obviously these are all made up but if a meaningful specification can be described (and is within the capabilities of the engines/airframe) there are many controller types to be tailored including state/space, fuzzy logic, PID with feed forward, various adaptive control algorithms etc.