This paper proposes a novel approach to determine optimal location of static synchronous compensator in power system for improving voltage profile, minimizing power system total loss and maximizing system loadability with and without considering generators Mvar limit. An accurate and efficient model for static synchronous compensator in steady state studies is presented and implemented in advanced load flow program with embedded flexible alternating current transmission systems. A simultaneous Genetic Algorithm and Continuation Power Flow was used to determine maximum number of static synchronous compensator's, and steady state stability margin, based on closing to point of voltage collapse. As an important result in this paper we obtain a maximum number of static synchronous compensator beyond which the power system performances such as loadability can not be increased, and hence, increasing loading level leads to static voltage collapse phenomena. A case study and simulation are done on IEEE57 Bus Test System. In Genetic Algorithm optimization procedure the voltage profile flattening, maximizing system loadability and minimizing total loss of power system are used as power system performance Index.