Abstract: This paper presents a methodology to assess the voltage stability status combined with optimal power flow technique using an instantaneous two-bus equivalent model of power system incorporating static var compensator (SVC) and thyristor controlled series compensator (TCSC) controllers. There by, a generalized global voltage stability indicator being developed has been applied to a robust practical Indian Eastern Grid 203-bus system. Simulation results have proved that the proposed methodology is promising to assess voltage stability of any power system at any operating point in global scenario. Voltage stability augmentation with the application of SVC at the weakest bus and TCSC at critical line connected to the weakest bus is compared with the system having no compensation. In the proposed network equivalent model the generators have been modeled more accurately considering economic criteria.