Voltage dependent current order limiter (VDCOL) can limit the HVDC current in low voltage and reduce the reactive power requirement, which helps power system quickly restore stability. Thus, the reasonable setting of VDCOL control parameters is vital to improve the recovery characteristics of system. This paper makes a deep research about VDCOL parameters setting method with considering reactive power characteristics of HVDC system. Firstly, based on the voltage-current characteristics of VDCOL, the paper makes a detail analysis about operating characteristics of HVDC system with VDCOL involved. On this basis, the range of VDCOL parameters is analyzed by considering VDCOL parameters and AC voltage as independent variables, and reactive power exchange as dependent variable. Finally, the simulation, which tests the optimal setting range of VDCOL parameters, is carried out in the CIGRE HVDC model of PSCAD/EMTDC, whose results are in agreement with the analytical results, thus proves the correctness and effectiveness of this method. The research results have reference significance for improving the stability and dynamic capability of HVDC system.