• A hybrid model is developed, blending ELM and Levenberg-Marquardt. • Particle swarm optimization-based weighted averaging ensemble is developed. • Energy margin and time margin are calculated for better application of techniques. • Hybrid ELM is found most suited technique for online DSA application. This manuscript develops a new hybrid-extreme learning machine (ELM) based ensemble model for real-time dynamic security assessment (DSA) of power systems. In order to boost the forecasting accuracy of ELM algorithm, a Levenberg-Marquardt (LM) backpropagation algorithm is used. The Ensemble strategy takes advantage of complementary information to improve the generalization capability of model. To realize an accurate ensemble model, particle swarm optimization (PSO) based weighted averaging is used to combine the individual forecasts. Transient energy function (TEF) terms, generator real and reactive power outputs and fault location are taken as input features for classification as well as prediction of transient energy margin (TEM) and time margin (TM) for a given operating condition and fault location. The potential of the proposed technique is validated on New England 39-bus and 68-bus test power systems. The results demonstrate that the developed model outperforms other state-of-the-art methods.