This paper presents target operation voltage guidelines of each voltage control area considering both voltage stability and economical efficiency in real power system. EMS(Energy Management System) data, Real-time simulator, shows not only voltage level but lots of information about real power system. Also this paper performs optimal power flow calculation of three objective functions to propose the best target operation voltage. objective function of interchange power flow maximum and active power loss minimization stand for economical efficiency index and reactive power reserve maximum objective unction represents stability index. Then through simulation result using optimazation technique, the most effective objective function is chosen. To sum up, this paper divides voltage control area into twelve considering electric distance characteristics and estimate or voltage level by the passage of time of EMS peak data. And through optimization technique target operation voltage of each voltage control area is estimated and compare heir result. Then it is proposed that the best scenario to keep up voltage stability and maximize economical efficiency in real power system.