This paper aims at investigating the operating-mode characteristics of two-module Thyristor Controlled Series Compensator (TCSC) as an equivalent of the multi-module TCSC in a simple three-phase power transmission system. The load flow program is developed to analyze the steady-state characteristics of two-module TCSC system and to find the thyristor firing angles for the required real power flow. The stability calculation program is developed with Poincare mapping theory. Simulation studies of the TCSC power transmission system using EMTP are performed to evaluate the transient characteristics of two-module TCSC as a real power flow controller and to rpove the results of the load flow calculation and the stability analysis. In the process of the study, the operating-mode characteristics of two-module TCSC are evaluated and compared to those of single-module TCSC.