This paper presents a new approach for estimating and improving voltage stability margin from phase and magnitude profile of bus voltages using sensitivity analysis of Voltage Stability Assessment Neural Network (VSANN). Bus voltage profile contains useful information about system stability margin including the effect of load-generation, line outage and reactive power compensation so, it is adopted as input pattern for VSANN. In fact, VSANN establishes a functionality for VSM with respect to voltage profile. Sensitivity analysis of VSM with respect to voltage profile and reactive power compensation extracted from information stored in the weighting factor of VSANN, is the most dominant feature of the proposed approach. Sensitivity of VSM helps one to select most effective buses for reactive power compensation aimed enhancing VSM. The proposed approach has been applied on IEEE 39-bus test system which demonstrated applicability of the proposed approach.