This document presents an approach for online monitoring of voltage stability margin in power systems using synchrophasor measurements from phasor measurement units (PMUs). The approach fits quadratic curves to the P-V and Q-V curves of each load bus using three sets of PMU measurements and pseudo-measurements. It determines the real and reactive power loading margins of each bus, and takes the minimum of these across all buses as the system's overall loading margins. It also identifies the most critical bus based on these margins. The approach updates the loading margins and critical bus identification regularly as system conditions change using new PMU measurements. Case studies on IEEE test systems and a large Indian power grid validate the effectiveness of the proposed online monitoring approach.