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Several online methods were proposed for investigating the voltage stability condition of an interconnected power system using the measurements of voltage and current phasors at a bus. For this purpose, phasor measurement units (PMUs) are used. A PMU is a device which measures the electrical waves on an electrical network, using a common time source (reference bus) for synchronisation. This study proposes a method for online monitoring of voltage stability condition of a power system using measurements of bus variables namely – (i) real power, (ii) reactive power and (iii) bus voltage magnitude at a bus. The measurements of real power, reactive power and bus voltage magnitude could be extracted/captured from a smart energy meter. The financial involvement for implementation of the proposed method would significantly lower compared with the PMU-based method.