This work aims at discussing the effective performances of Power System Stabilizer (PSS) and Static Synchronous Compensator (STATCOM) that are considered separately in damping oscillations on the 330KV North-Central network of Nigeria Grid System. The result of this study reveals effective damping of the controllers, the PSS and STATCOM suitably located in the power system. Placement of the STATCOM requires the use of optimization technique; hence Genetic Algorithm (GA) was adopted. Also, the location of the PSS in requisite generator is determined by eigenvalues analysis and damping coefficient. Simulations were carried out in Power System Analysis Toolbox (PSAT) environment to evaluate the performance of the PSS and STATCOM in damping oscillations on North-Central network of Nigeria 330KV Grid System. By simulation, it was observed that the damping effect of PSS is limited to the local modes (generator) where it is placed; while STATCOM is very effective in both local and inter-area modes of oscillation damping. This research work is targeted at meeting some of the need of power systems engineers.