Modern power utilization has been forced to operate close to their stability limits, which may lead to voltage instability or collapse owing to the stressed operating conditions of networks. This raises the need to develop a new technique to predict the level of voltage security under different operating conditions to detect critical lines or buses that operate close to its stability limit. This study proposes a new line voltage stability index (BVSI) to identify weak lines and buses for various loading conditions and network configurations. Comparative studies between the existing voltage stability indices (VSIs) and the proposed index have been performed to comprehensively highlight the indices' foundation, performance, and overall behavior for several different IEEE benchmark test systems; 14-bus, 30-bus, 118-bus test systems and 33bus radial distribution system. The sensitivity towards different loading conditions due to variables such as active power, reactive power, angular difference between sending and receiving bus voltage, line resistance, and shunt admittance, which have been neglected in the formulation of VSIs, are briefly discussed. The findings of this work are aimed to provide a general guideline for other researchers in selecting the appropriate VSIs for various applications, particularly in solving optimization problems such as distributed generation (DG) and reactive power compensation (RPC) placement, optimal power flow, optimal reactive power dispatch, optimal network reconfiguration for various loading occasions, and different networks. Lastly, the application of the proposed index has been adopted as an analytical approach for solving optimal location and sizing of DG(s) problems. The results prove the effectiveness of the proposed index in accessing the voltage stability state and stress condition of lines. Besides, the proposed approach also capable of determining the potential candidate bus for single DG location and sizing effectively.