The addition of phase modulation function technology to thermal power units is one of the most effective measures to solve dynamic reactive power shortages in the construction process of new power systems. In this paper, the influence of the phase modulation function transformation of thermal power units on the stability of a new power system is studied. Firstly, the new power system stability index is deeply analyzed, and an evaluation system for power system transient stability is constructed from five key dimensions: transient voltage, static voltage, power angle stability, power flow characteristics, and grid support. Secondly, a fuzzy comprehensive evaluation method considering the subjective and objective comprehensive weights is proposed, and the influence of the phase modulation transformation of the thermal power unit on the stability of the receiving-end power grid is quantitatively analyzed. Finally, a CEPRI36 node example model was built based on the PSASP v.7.91.04.9258 (China Electric Power Research Institute, Beijing, China) platform to verify the accuracy and effectiveness of the proposed method. The results show that the proposed method can quantitatively analyze the impact of adding a phase modulation function to thermal power units on the stability of the power system. At the point of renewable energy connection, the static voltage stability index improved by 42.9%, the transient power angle stability index improved by 32.1%, the multi-feed effective short-circuit ratio index improved by 33.9%, and the comprehensive evaluation score improved by 14.7%. These results further indicate that adding a phase modulation function to thermal power units can provide a large amount of dynamic reactive power support and improve the voltage stability and operational flexibility of the system.