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Trajectory sensitivity analysis can provide valuable insights into the security of an electric power system. There is a strong correlation relating the system stability and the corresponding trajectory sensitivity. In this paper it is analyzed the influence of load shedding in the voltage stability of an electric power system using trajectory sensitivity analysis. It is recognized that voltage instability and collapse have led to major system failures. The emergency load shedding is one of the most important methods to preserve the system stability. In this study different values of load shedding were used to avoid voltage collapse. The automatic voltage regulators of the generating units and the turbine speed governors were modelled. Different load models were used and the under load tap changers were also taken into account. The simulation results were obtained using EUROSTAG program and post-processing module developed using the Matlab software package.