In a multi-fed DC environment, the UHV DC recipient grid faces significant challenges related to DC phase shift failure and voltage instability due to the high AC/DC coupling strength and low system inertia level. While the new large-capacity synchronous condensers (SCs) can provide effective transient reactive power support, the associated investment and operation costs are high. Therefore, it is valuable to investigate the optimization of SC configuration at key nodes in the recipient grid in a scientific and rational manner. This study begins by qualitatively and quantitatively analyzing the dynamic characteristics of DC reactive power and induction motors under AC faults. The sub-transient and transient reactive power output model is established to describe the SC output characteristics, elucidating the coupling relationship between the SC’s reactive power output and the DC reactive power demand at different time scales. Subsequently, a critical stabilized voltage index for dynamic loads is defined, and the SC’s reactive power compensation target is quantitatively calculated across different time scales, revealing the impact of transient changes in DC reactive power on the transient voltage stability of the multi-fed DC environment with dynamic load integration. Finally, an optimal configuration model for the large-capacity SC is proposed under the critical stability constraint of dynamic loads to maximize the SC’s reactive power support capability at the lowest economic cost. The proposed model is validated in a multi-fed DC area, demonstrating that the optimal configuration scheme effectively addresses issues related to DC phase shift failures and voltage instability resulting from AC bus voltage drops.