This paper presents an optimal control scheme for an islanded microgrid (MG), which performs reactive power-sharing and voltage regulation. Two-fold objectives are achieved, i.e., the load estimation strategy, firstly, approximates the MG’s impedance and transmits this information through a communication link. Based on approximated impedance information, an optimal regulator is then constructed to send optimal control commands to respective local power controllers of each distributed generation unit. An optimal regulator is a constraints optimized problem, mainly responsible to restore the buses’ voltage magnitudes and realize power-sharing proportionally. The important aspect of this control approach is that the voltage magnitude information is only required to be transferred to each inverter’s controller. In parallel, a secondary control layer for frequency restoration is implemented to minimize the system frequency deviations. The MATLAB/Simulink and experimental results obtained under load disturbances show the effectiveness for optimizing the voltage and power. Modeling and analysis are also verified through stability analysis using system-wide mathematical small-signal models.