The paper presents a compact AC-AC single phase voltage regulator based on Impedance network. The proposed topology has ability to perform buck and boost operation in a single stage .The circuit is simple, highly efficient and more importantly reduced manufacturing cost due to its minimal number of active and passive components. The Impedance network has dual function of boosting and filtering. The proposed topology employs two bidirectional switches operating at high frequency PWM pulses. The high frequency switching reduces the size of the Impedance network. The gain of the system is controlled by controlling the duty cycle of the bidirectional switches. The operating mechanism of the proposed topology along with simulation and experimental results are presented.