This paper presents an extra-high voltage synthetic test system that consists of 500 kV and 765 kV voltage levels, specifically designed for transmission expansion planning (TEP) studies. The test network includes long transmission lines whose series impedance and shunt admittance are calculated using the equivalent π circuit model, accurately reflecting the distributed nature of the line parameters. The proposed test system offers technically feasible steady-state operation under normal and all single contingency conditions. By incorporating accurate modeling for long transmission lines and EHV voltage levels, the test system provides a realistic platform for validating models and theories prior to their application in actual power systems. It supports testing new algorithms, control strategies, and grid management techniques, aids in transmission expansion planning and investment decisions, and facilitates comprehensive grid evaluations. Moreover, a TEP study is conducted on this test system and various scenarios are evaluated and compared economically.