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The penetration of renewable-based converter-interfaced generation and flexible alternating current transmission systems significantly changes properties and dynamic characteristics of modern electric power systems, which leads to the need to take measures to ensure security of their operation. These measures may consist in using the capabilities of new penetrated units or in adapting conventional means. Such adaptation consists in reconfiguration of control systems, development of new systems or approaches to settings determination, which include tuning of automatic voltage regulators with power system stabilizers of conventional synchronous generation. This paper proposes a new approach to tuning of automatic voltage regulators, based on the use of the most complete and reliable information about processes in modern power systems. This approach allows to get settings that are most adequate to practical conditions of operation as part of power systems. For this purpose, the hybrid real-time power system simulator and concept of hybrid modeling are used, and within this paper, and the hybrid modeling tools necessary for the tuning process have been developed. The result of the study is a comprehensive assessment of the reliability of the simulation results obtained using the developed tools, which allows to conclude about the possibility of their application. [ABSTRACT FROM AUTHOR]