In this paper, a new and easy to implement heuristic method related to the Artificial Bee Colony (ABC) algorithm is proposed for the optimal location of shunt connected Flexible AC transmission systems (FACTS) devices such as Static Var Compensator (SVC) and Static Synchronous Compensator (STATCOM) randomly and dynamically. Voltage stability enhancement, voltage profile improvement and active power loss minimization by using minimum number of devices and var compensator sizing are defined as the objective functions for the proposed methodology. Optimization results of the bi-objective and multi-objective functions are compared with the results reported in literature. Also, by comparing the results obtained by using ABC algorithm and Differential Evolution (DE) method, it can be stated that proposed algorithm can converge to better results by using minimum device number.