This dissertation deals with the problem of dynamic aggregation of voltage regulators of coherent generating units to calculate dynamic equivalents for power system transient stability studies. The methodology used to calculate coherencybased dynamic equivalents has three basic steps: the identification of the coherent groups of generating units, the static reduction of the external network and the dynamic aggregation of coherent generating unit models. The dynamic aggregation of a group of coherent generating units consists of the representation of this group by one or more equivalent generating units. The coherent generating units can be represented by different models of synchronous machine, voltage regulator, stabilizer, turbine and speed governor. There will be an equivalent model for each component of the generating unit. The linear parameters of the equivalent models are numerically adjusted using the Levenberg-Marquardt method in order to solve the multivariable optimization problem. The main objective is the determination of the best equivalent model for a given composition of voltage regulator models in a group of coherent generating units. The New England system is used to evaluate the dynamic performance of the equivalents. The voltage regulator models considered in this work are in the Brazilian electrical system stability database. The swing curves of the internal system generators obtained with the equivalent system are compared with those obtained with the simulation of the complete system.