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The authors present the results of feasibility study of a novel concept of power system online collaborative voltage stability control. Online collaboration between power system controllers is proposed in order to enhance their overall performance and efficiency to cope with the increasing operational uncertainty of modern power systems. The framework of the proposed online collaborative voltage stability control is first presented, which is based on the deployment of multi-agent systems and real-time communication for online collaborative control. Then, two of the most important issues in implementing the proposed online collaborative voltage stability control are addressed: (1) Error-tolerant communication protocol for fast information exchange among multiple intelligent agents; (2) Deployment of multi-agent systems by using graph theory to implement power system post-emergency control. Results of testing the proposed online collaborative voltage stability control in the case of the 10-machine 39-node New England power system are presented. Results of a feasibility study by means of a simulation are given that take into consideration low-probability cascading faults in the power system.