Low frequency oscillation of inter-area system is important problem in power system areas because the operation conditions of power system depend on it. Generally, the analysis of the problem is used by small signal stability. Especially, the analysis results are affected by decision of load models. In this paper, the effect of the analysis results was studied according to load component characteristics. ZIP model, popular in large-scaled power system analysis, was used as the load model. Many cases were studied according to the combination of ZIP model in inter-area system.