Numerous stability indices have been developed to assess the voltage stability of power networks, since it is a powerful tool to identify the weakest bus and critical lines. To expand the knowledge of power tracing theory and its application into voltage stability assessment, this paper adopts the power tracing capable index into load shedding scheme. A modified novel line stability factor index with load tracing capability known as LQP-LT is used to classify the weak buses according to its priority rank for load shedding bus selection. IEEE 5 bus system is used to demonstrate the LQP-LT principles and concepts. The results obtained from the weak bus identifications is analyzed for load shedding optimization execution. Particle Swarm Optimization (PSO) is used for the optimization analysis in a multi-level approach and objective settings. The results obtained post-load shedding with the proposed method is found to be efficient for the implementation and execution of optimized amount and location selection for under voltage load shedding scheme.