This paper illustrates a formulation of a continuous state space model in dq frame of the Thyristor Controlled Reactor (TCR), which can be used for stability studies by eigenvalue analysis. Differently from the previous approaches, this model is just addressed to reproduce the operation of the non-linear part of the TCR system, without considering shunted capacitor or control system, thus obtaining a characterization of the TCR independent from the application. A typical problem of the continuous models in dq frame of the TCR system is the presence of an un-damped homogenous current component in the solution, which is inconsistent with the real operation; the proposed model solves this problem improving the accuracy. The model performance has been also evaluated in the frequency domain comparing the obtained results with a numerical simulation of the TCR implemented by PSIM program.