Voltage dependent current order limiter (VDCOL) can limit the HVDC current in low voltage and reduce the reactive power requirement, which helps power system quickly restore stability. Thus, the reasonable setting of VDCOL control parameters is vital to improve the recovery characteristics of system. This paper makes a deep research about VDCOL parameters setting method with reactive power characteristics of HVDC system considered. Firstly, based on the voltage-current characteristics of VDCOL, this paper makes a detail analysis about operating characteristics of HVDC system with VDCOL involved. On this basis, it makes an analysis about the range of VDCOL parameters, which considers VDCOL parameters and AC voltage as independent variables, and reactive power exchange as dependent variable. Finally, the simulation, which tests the optimal setting range of VDCOL parameters, is carried out in the CIGRE HVDC model of PSCAD/EMTDC, whose results are in agreement with the analytical results, thus proves the correctness and effectiveness of the analytical method. The research results have reference significance for improving the stability and dynamic capability of HVDC system. This work is supported by Youth National Natural Science Foundation of China (No. 51207057).