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This paper presents an eigenvalue based wide area stability control of electric power systems. Different types of intelligent agents are also proposed to realize the proposed wide area stability control system: monitoring agents for gathering required information to evaluate the stability of the study system, control agents which perform the actual control action, and a supervisor agent for the real time monitoring of dynamic stability and the decision of the required dynamic stability control action to keep the pre-specified dynamic stability margin. The supervisor agent sends commands to a selected unit to keep the stability margin within the pre-specified range, whenever the stability margin is violated in the study system. To demonstrate the efficiency of the proposed eigenvalue based wide area dynamic stability control system, real time non-linear simulations have been performed on a PC based real time power system simulator.