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Topicality of mathematic modeling of Magnetically Controlled Shunt Reactors (MCSR) as a network element using common existing software elements is shown in the article. Principles of the MCSR dual scheme creation as a thyristor controlled reactor or a static var compensator (in case of modeling of Source of Reactive Power, including a MCSR and a capacitor bank) are explained. Principles of development the mathematic model of the MCSR dual scheme are demonstrated. Example of development and application of MCSR dual mathematical model for calculating steady-state modes of high-voltage electric grid is shown. The potential of the MCSR dual mathematic model application for development of the algorithm of MCSR (SRP) automatic control at the point of connection to electrical grid is assessed.