This paper presents a new approach for assessing power system voltage stability based on artificial feed forward neural network (FFNN). The approach uses real and reactive power, as well as voltage vectors for generators and load buses to train the neural net (NN). The input properties of the NN are generated from offline training data with various simulated loading conditions using a conventional voltage stability algorithm based on the L-index. The performance of the trained NN is investigated on two systems under various voltage stability assessment conditions. Main advantage is that the proposed approach is fast, robust, accurate and can be used online for predicting the L-indices of all the power system buses simultaneously. The method can also be effectively used to determining local and global stability margin for further improvement measures.