As the scale and complexity of an interconnected power grid has increased significantly, power systems can be operated close to the verge of voltage instability. With the application of Phasor Measurement Units (PMUs), dispatchers are able to monitor long term voltage stability in a real time operational environment. This research addresses the critical issues by proposing three different methods. Voltage Stability Assessment Index (VSAI) is a Thévenin Equivalent (TE) based method considering voltage dynamic mechanisms. To extend the model from one load bus to a critical load center, Optimal Power Flow-Loading limit (OPF-LI) is developed to assess the voltage stability margin. To utilize limited available PMU measurements, State Calculator (SC) is included in the algorithm to approximate the dynamic states at the buses where PMU measurements are not available. The online voltage regulating method in terms of On-load Tap Changer (OLTC) control is also investigated. The methods proposed in this research have been validated with the test cases from the WECC 179 bus system.