To improve the ability of the power system to accommodate high penetration wind power, wind turbines (WTs) need to realize the mode transformation from grid-following to grid-forming, thus actively participating in the voltage regulation of the power grid with a high proportion of wind power. In this work, a reactive voltage control strategy for wind farms considering reactive power adequacy and terminal voltage balance is proposed. Firstly, the expression of the maximum reactive power regulation capacity of WT, namely reactive power adequacy, is derived under the complete wind condition based on the mathematical model and operating characteristics of WT, to study the influence of wake effect on reactive power adequacy of a wind farm. Then, the point of common coupling (PCC) voltage and terminal voltage are expressed analytically based on the radiative topology equivalent model of a wind farm, to analyze the influence of electrical distance on active power loss of wind farm. Finally, the calculation method of the adaptive gain coefficient of WT is put forward, which comprehensively considers the input wind speed and the electrical distance, to regulate the PCC voltage and terminal voltage simultaneously. The comprehensive effectiveness of the proposed strategy is demonstrated on a permanent magnet synchronous generator (PMSG)-based wind farm integration simulation model. While supporting the PCC voltage, the proposed strategy maintains the balance of the terminal voltage in the wind farm, thereby improving the friendliness of wind power grid connection.