This paper proposes a new method for monitoring local voltage stability using the saddle node bifurcation set or loadability boundary in two dimensional power parameter space. The method includes three main steps. First step is to determine the critical buses and the second step is building the static voltage stability boundary or the saddle node bifurcation set. Final step is monitoring the voltage stability through the distance from current operating point to the boundary. Critical buses are defined through the right eigenvector by direct method. The boundary of the static voltage stability region is a quadratic curve that can be obtained by the proposed method that is combining a variation of standard direct method and Thevenin equivalent model of electric power system. And finally the distance is computed through the Euclid norm of normal vector of the boundary at the closest saddle node bifurcation point. The advantage of the proposed method is that it gets the advantages of both methods, the accuracy of the direct method and simple of Thevenin Equivalent model. Thus, the proposed method holds some promises in terms of performing the real-time voltage stability monitoring of power system. Test results of New England 39 bus system are presented to show the effectiveness of the proposed method.