Sequential reactive systems are computer programs or hardware devices which process the flows of input data or control signals and output the streams of instructions or responses. When designing such systems one needs formal specification languages capable of expressing the relationships between the input and output flows. Previously, we introduced a family of such specification languages based on temporal logics $LTL$, $CTL$ and $CTL^*$ combined with regular languages. A characteristic feature of these new extensions of conventional temporal logics is that temporal operators and basic predicates are parameterized by regular languages. In our early papers, we estimated the expressive power of the new temporal logic $Reg$-$LTL$ and introduced a model checking algorithm for $Reg$-$LTL$, $Reg$-$CTL$, and $Reg$-$CTL^*$. The main issue which still remains unclear is the complexity of decision problems for these logics. In the paper, we give a complete solution to satisfiability checking and model checking problems for $Reg$-$LTL$ and prove that both problems are Pspace-complete. The computational hardness of the problems under consideration is easily proved by reducing to them the intersection emptyness problem for the families of regular languages. The main result of the paper is an algorithm for reducing the satisfiability of checking $Reg$-$LTL$ formulas to the emptiness problem for Buchi automata of relatively small size and a description of a technique that allows one to check the emptiness of the obtained automata within space polynomial of the size of input formulas.