Geomagnetic disturbances have the potential to impact the operation of electric power systems, and thus the assessment of their impacts is required as the first step for secure power system operations. While the effects of the disturbances have been observed primarily at higher latitudes, geomagnetic problems are also observed at mid and low latitude locations, in particular including neighboring countries to Korea such as China and Japan. This paper deals with the assessment of impact of geomagnetic disturbances on Korean electric power systems. For the assessment, the geoelectric fields induced by the geomagnetic disturbances are calculated using geomagnetic data measured over the past 20 years in order to quantify the strength of geomagnetic events in Korea. Then, the geomagnetic currents on the grid driven by the geoelectric fields are computed. Finally, the increased reactive power absorption in high voltage transformers is analyzed and accordingly the change of system voltage magnitudes is identified to evaluate whether the system maintains the voltage stability. The systematic study concludes that during a strong geomagnetic disturbance, the Korean electric power system satisfies the associated standards in the U.S. and maintains system stability.