This paper proposes a new approach for suitable load buses identification via stability index tracing in performing corrective load shedding. The proposed identification technique is called the Fast Voltage Stability Index Load Tracing (FVSI-LT). By implementing a power tracing algorithm, a group of major contributors on the stress experienced by a power system is able to be precisely identified by a system operator (SO) based on the traced values of FVSI. To be precise, the traced FVSI via FVSI-LT can be used to form a ranking list indicating the priority of buses committed for shedding purpose. After designing a Fuzzy Inference System (FIS) for deciding the allowable load powers to be shed and performing experiment on IEEE 57-Bus reliability test system (RTS), it is revealed that the ranking list provided by FVSI-LT results to the most consistent improvement in terms of voltage stability and losses minimization.