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This paper presents a new method for multi-objective optimal allocation of step voltage regulators (SVRs) in distribution systems. In recent years, deregulated and competitive power markets bring about complicated distribution network configurations. As a result, it is difficult to smooth distribution network operation and planning. In this paper, a method for determining the optimal allocation of SVRs is proposed to maintain the voltage profile. The proposed method is based on multi-objective meta-heuristics (MOMH) and MonteCarlo Simulation (MCS) with the correlation. The former is useful for evaluating a Pareto solution set systematically. As MOMH, this paper makes use of the improved strength Pareto evolutionary algorithm (SPEA2) that has a good performance in terms of the solution diversity and accuracy of the Pareto set. The latter plays a key role to deal with the uncertainty of the nodal specified value in distribution networks. The effectiveness of the proposed method is demonstrated in the 69-node system.