A new dynamic reactive load model for power system dynamic voltage stability studies is introduced in this paper. The model is measurement-based and incorporates the effect of voltage regulating equipment, specifically, switched distribution capacitor banks and subtransmission substation on-load tap changer transformers. A set of parameters that reflect these delayed-action devices are involved in the proposed model. A parameter estimation scheme is introduced with the aim of minimizing errors between model and collected data at two Pennsylvania Power and Light Company 230/64 kV substations. System simulation is also carried out based on the estimated parameters.