This paper presents a new method to derive energy function based on vector product. Using this method, an energy function to consider transfer conductances and capacitors is derived. Then we recommend a voltage collapse criteria to predict the voltage collapse in power systems by using the energy margin derived by the proposed energy function. This energy function is applied to a 2-bus power system reflecting transfer conductances and capacitors. We show that the energy function derived based on vector product can be applied in order to analyze power system stability and the energy margin can be utilized as a criterion of voltage collapse by simulation for the 2-bus system.