This paper proposes a realistic variant of grey wolf optimizer with the dynamic behavior of prey position and hence called as Realistic Grey Wolf Optimizer (RGWO). The proposed method is employed to solve 23 benchmark problems and a well-known complex power system problem of dynamic economic dispatch of power by generating units taking into consideration of electric vehicles with valve point effect, ramp-rate, transmission losses for a time interval of 24 hours. The prey position is modeled dynamic i.e., it is considered to be moving and is not static as considered in an earlier version of GWO with the help of probability distribution function. The probability distribution function which is considered here is Levy Flight, Cauchy, Gamma, Gaussian, and Weibull. Thereafter, the statistical testing is done with the help of the Wilcoxon Rank test and Wilcoxon Signed Rank test to investigate the significance of the different variants of RGWO. The experimental results and statistical testing show that the modification proposed in RGWO significantly improves the performance of GWO and hence the algorithm is utilized to find dynamic economic dispatch along with electric vehicles considering different constraints effectively.