In this study, controller parameters of static var compensators (SVCs) at planned locations are optimized to mitigate fault-induced delayed voltage recovery issues and improve angular stability of a multi-machine power system. The problem is formulated as a nonlinear optimization problem involving constraints on post-fault trajectories of voltages and frequencies. This paper proposes a mesh adaptive direct search based algorithm interfaced with a power system simulator for optimization of SVC controller parameters. The proposed method is tested on the NPCC 140-bus system to optimize controller parameters for three SVCs. Simulations on critical contingencies verify that post-fault transient voltages and generator speeds can both quickly recover and transient stability of the system is improved.