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In present scenario, the power demand has been increased briskly where there is a necessity for power system to operate within limits. As the load varies continuously, the voltage stability problems will arise. The foremost cause of voltage instability is deficiency of reactive power. The voltage stability and power transfer capability can be enhanced by compensation of reactive power. By placing Flexible AC Transmission System (FACTS) devices the performance of power system can be improved but these devices are expensive so it has to be placed at optimal location. This paper deals with the optimal placement of SVC and PMU in IEEE-14 bus system using PSAT to analyse and enrich the voltage stability margin of a power system network in real time monitoring. In real time the measurement of power system parameters such as current and voltage phasors, frequency can be effectively carried out by synchronized PMU.