Current static var generator (SVG) equipment loss parameters only indicate the steady-state loss under rated power, making it difficult to achieve dynamic and fine management of losses in different operating conditions. In response to the problem of excessive operating losses of reactive power compensation equipment in substations, a collaborative economic operational strategy considering the loss characteristics of the SVC is proposed based on the SVG dynamic operating loss model. This is to improve the operational economy of reactive power compensation equipment in substations. First, the SVG dynamic operating loss and SVC models are analyzed. Secondly, the optimal number of SVG to be operated collaboratively and real-time power allocation criteria are proposed. Finally, a collaborative economic operational strategy for reactive power compensation equipment in substations considering complete reactive power compensation and value is proposed. The effectiveness of the proposed strategy is verified by building a Simulink simulation system.