Voltage source converter-based high-voltage direct current (VSC-HVDC) systems integrated into weak AC grids may exhibit oscillation-induced instability, posing significant threats to power system security. With increasing structural complexity and diverse control strategies, the stability characteristics of VSC-HVDC system require further investigation. This paper focuses on the stability of a receiving-end VSC-HVDC system consisting of a DC voltage-controlled VSC parallel-connected to a power-controlled VSC, under various operating conditions. First, small-signal models of each subsystem were developed and a linearized full-system model was constructed based on port relationships. Then, eigenvalue and participation factor analyses were utilized to evaluate the influence of control strategy, asymmetrical grid strength, power flow direction, and tie line on the system’s small-signal stability. A feasible short-circuit ratio (SCR) region was established based on joint power–topology joint, forming a stable operating space for the system. Finally, the correctness of the theoretical analysis was validated via MATLAB/Simulink time-domain simulations. Results indicate that, in comparison to the power control strategy, the DC voltage control strategy was more sensitive to variations in the AC system and demands a strong grid, and this disparity was predominantly caused by the DC voltage control. Furthermore, the feasible region of the short-circuit ratio (SCR) diminished with the increase in the length of the tie-line and alterations in power flow direction under the mutual-support power mode, leading to a gradual reduction in the system’s stability margin.