This paper demonstrates on the development of weak bus identification method using novel reactive power tracing index for determination and selection on appropriate buses for load shedding purpose. Power tracing principles using downstream looking algorithm is utilized for the development of a novel reactive power tracing index known as LQP-LT. The results obtained from the weak bus identification from various power system contingencies are analyzed for determination of the load shed amount. Optimization on the total amount of load shed is customized based on multi-objective functions via backtracking search algorithm. The objective functions are set to minimize the amount of load shedding and to minimize the total LQP-LT indices for all buses. A standard IEEE 57 test bus system is used as a data platform for the power flow simulations carried out in MATLAB environment. The results obtained post-load shedding for the proposed method is found to be robust, efficient and reliable for the implementation and execution of optimized amount and location selection for Under Voltage Load Shedding scheme in large network.