This paper deals with improvements to the special protection schemes (SPS) which have been applied to the low probability and high impact contingencies in the Korea Electric Power Corporation (KEPCO) system since 2004. Among them, the SPS for voltage instability in the Seoul metropolitan area is considered in this paper, and is a form of event-based undervoltage load shedding with a single-step scheme. Simulation results based upon a recent event that occurred on 765kV lines show that the current setting values of the SPS have to be revised and enhanced. In addition, by applying response-based multi-step undervoltage load shedding (UVLS) schemes to severe contingencies in the system, more effective results than those of the existing single-step SPS can be obtained. Centralized and distributed UVLS schemes are considered in the simulation. ULTC-based load recovery models and over excitation limiters (OXL) for the KEPCO system are also included in the long-term voltage instability studies.