In this paper, a new topology of compensated AC regulated power supply (ACRPS) in electric power systems based on a high-frequency isolated transformer (HFIT) is proposed. In order to overcome the slow response and low accuracy of the existing ACRPS, the phase shift regulating control (PSRC) based on instantaneous value of voltage single closed loop is applied as well as the software phase locked loop (SPLL). The proposed ACRPS has been simulated in the case of the voltage fluctuation, harmonics and frequency shift with Matlab. The simulation results show that output voltage precision is controlled within 0.5% and total harmonic distribution (THD) can be limited to less than 1%. In a word, the feasibility of the proposed ACRPS is effectively verified.