This paper presents an comparative study on the effect of STATCOM and UPFC to power flow analysis of power systems. The effect of STATCOM can be analyzed with PSS/E program which is generally used in power system analysis, while UPFC model for power flow analysis is not provided yet. Thus, UPFC is equivalently represented as a synchronous condenser and load, while the active and reactive power of the specific transmission line and the voltage of the bus is controlled appropriately. This procedure is implemented by IPLAN which is an external macro program of PSS/E. The simulation results show that UPFC is more effective to control the bus voltage than STATCOM, because UPFC can control not only the bus voltage where the parallel inverter is installed but also the active and reactive power flow in the transmission line where the series inverter is installed.