The energy transformation has led to a high proportion of new energy entering the grid. New energy has high randomness, which challenges the frequency stability of the power system. A new approach to improve frequency based on dynamic trajectory planning of participation factors is proposed in this work. In the frequency regulation interval, the trajectory and termination time of participation factors are regarded as the variables to be optimized. Then, taking the frequency regulation performance and economy as the goals, a multi-objective optimization problem is constructed. The participation factors are used to dispatch the output power of different units, which breaks the constraint that the output characteristics of different units are consistent in the original regulation process. Therefore, the generator units with different regulation characteristics in the system achieve complementary coordination on the second time scale. In simulation cases, frequency oscillation is reduced, while the overall economy of the system is improved. The numerical evaluation results show that the frequency performance is improved by 2.7% at most and 2.9% of the economy is improved at most simultaneously. The above results demonstrate the effectiveness of the proposed approach.