The sensitivity analysis becomes particularly critical for voltage stability analysis due to the fluctuation in power outputs of renewable energy resources. Besides, impacts of different load modeling and the operation mode of Distributed Generations (DGs) are not addressed in the well-known sensitivity analysis methods. Therefore, this work presents a new sensitivity analysis approach to find the relation between the Voltage Stability Margin (VSM) and the control variables of power systems, considering the voltage dependent characteristics of loads and DGs. The sensitivity analysis is performed on VSM, defined from equivalent nodal analysis, via its differential equation. To include the voltage dependent characteristics, loads are modeled as polynomial function (ZIP model) and DGs are considered to be operated with constant current and constant power modes. Based on this analysis, the sensitivity of VSM can be directly obtained by taking the derivatives of nodal voltages with respect to control variables. The validity of the developed approach is demonstrated on the IEEE 118 bus system.