This paper presents preventive and emergency control measures for on line transient stability (security) enhancement. For insecure operating state, generation rescheduling based on a real power generation shift factor (RPGSF) is proposed as a preventive control measure to bring the system back to secure operating state. For emergency operating state, two emergency control strategies namely generator shedding and load shedding have been developed. The proposed emergency control strategies are based on voltage magnitudes and rotor trajectories data available through Phasor Measurement Units (PMUs) installed in the systems. The effectiveness of the proposed approach has been investigated on IEEE-39 bus test system under different contingency and fault conditions and application results are presented.