This paper proposes a method of dispatch strategy using a unique power injection model of UPFC demonstrating the capability of voltage stability limited power transfer and minimum transmission loss based on Modified Real Coded Genetic Algorithm Optimization . This paper also discusses the compatibility of this model for matrix converter based UPFC. To maximize the voltage stability limited power transfer, bus voltage regulation alone is not sufficient. Hence a dispatch strategy is evolved using GA so as to control the power circulation between the shunt and series end of the transmission line for the specified real and reactive power transfer at target voltage magnitude. The UPFC is operated in automatic power flow control mode at its rated capacity. The UPFC controllable parameter values are obtained from the modified GA solution.GA also offers the best location for the UPFC to be placed along with the optimum operating conditions so as to minimize the transmission losses. Voltage stability evaluation and analysis is carried out using PV analysis on the standard IEEE 14 Test Bus and the test results with and without GA are compared. It was found that GA algorithm offers the best solution to minimize the transmission losses.