The voltage stability phenomenon is characterized by the existence of a maximum active and reactive power that can be transferred to a load bus or injected into the network through the generators and synchronous compensators. Its relevance to the electric power sector is constantly reinforced by the record of occurrences of voltage collapses in several countries around the world. Although the voltage instability manifests itself locally, its consequences is reflected in the wide deterioration of the system. Driven by growing interest in methods based on synchronized phasor measurements for maximum loadability detection, this work presents the main models found in the literature based on local measurements and wide area monitoring, emphasizing the Corsi-Taranto method and Improved Coupled Single-Port Circuit (Improved CAPS). Some contributions are suggested to the Improved CAPS model considering its application to the set of transit and controlled buses. The use of the multi-port equivalents is explored as the evaluation index of voltage stability conditions, comparing the identification of the critical bus to the D matrix method and eigenvalues and eigenvalues method. The main limitations of the models are demonstrated through a static and dynamic studies, as well different loading scenarios, the sensitivity of the models to the noise and the response of the methods when the over-excitation limiters are considered.