Influenced by the power grid structure, generator parameters, and load characteristics, the post-fault frequency, and voltage at nodes reflect spatial distribution characteristics, resulting in different effects of the load shedding and load recovery strategy performed at different nodes on the system stability. Besides, the influence of the interaction between coupled electrical quantities of frequency, voltage, active power, and reactive power should be considered to improve the efficiency of the load regulation. In this paper, a novel load-control-sensitivity based low-frequency and low-voltage load shedding and load recovery strategy is proposed, which considers the spatial distribution characteristics of frequency and voltage, and the interaction of coupled electrical quantities. A time-domain simulation based on a provincial power grid shows the proposed load regulation strategy improves the power grid stability during the periods of both load shedding and load recovery.