A voltage stability monitoring apparatus monitors the voltage stability of a transmission corridor through which power flows between different parts of a power system. The apparatus monitors an equivalent load impedance at an interface between the transmission corridor and a part of the power system designated as generating the power. This equivalent load impedance at the interface comprises a ratio of a voltage phasor at the interface to a current phasor at the interface. The apparatus tracks a Thevenin equivalent voltage and impedance of the designated part by separately updating that voltage and impedance. Notably, the apparatus updates the imaginary part of the Thevenin equivalent voltage to reflect the magnitude of any changes in the voltage phasor that are associated with large variations in the magnitude of the equivalent load impedance at the interface. The apparatus computes an index indicating the voltage stability as a function of this tracked Thevenin equivalent voltage and impedance.