For online transient security monitoring quick determination of critical clearing time is one of the most important requirements. Repeated integration of system equations, for this purpose, is ruled out. Recent approaches have favoured Lyapunov method. However,the work on fast and accurate determination of stability region by this method is not yet complete. In this paper, available control theory for systems with single nonlinearity is extended to multi-nonlinear systems and is applied to multimachine power systems. It has been shown that a vast majority of points, searched hitherto, for computing the minimum of Lyapunov function, are not necessary. The approach drastically reduces the number of search points and gives reasonable estimates of stability regions even in those cases where other methods have not succeeded. This is illustrated by a 5 machine and a 13-machine system. It is hoped that this method will provide a basis for online transient stability programs.