In this paper a comparative performance of different FACTS-POD devices such as Static Var Compensator (SVC), Static Synchronous Compensator (STATCOM), Thyristor Controlled Series Capacitor (TCSC) and Static Synchronous Series Compensator (SSSC) with Power Oscillation Damper (POD) as supplementary controller is analyzed with respect to power oscillation damping capability, system loss reduction and transient stability. For performance analysis the eigenvalue analysis and Time domain simulation results are compared for results validation. The controllers such as power oscillation damper and power system stabilizer (PSS) are tuned according to eigenvalue analysis by considering system stability. The main objective is to reduce the peak overshoot and settling time of inter area oscillations thereby improving power system stability. Here IEEE-14 bus is used as the test system and the simulation platform used is MATLAB/PSAT toolbox. Results shows that by proper tuning of POD with FACTS controllers the power oscillations are damped faster than conventionally used PSS.