At present, most of the short-term voltage stability criteria used in various power grids are based on voltage waveform, but these criteria can only determine whether the voltage is stable in the power system, but cannot give the relative degree of voltage stability. To evaluate and further plan reactive power reserves in power systems, a criterion for evaluating the short-term voltage stability (STVS) of power systems is needed. In this paper, a Dynamic Voltage Safety Measurement and Assessment Index (DVSMAI), which is based only on bus voltage data, is proposed, consisting of three indexes. They are the low voltage recovery component, the oscillation degree component, and the steady-state recovery component. Each component can correspond to the response of the bus voltage in the transient process, so the voltage waveform in the transient process can be described more comprehensively. The size of the index can fully quantify the voltage stability and safety in various cases, and the generalization ability is strong.