This paper addresses voltage stability challenges in distribution networks through a coordinated approach using Distributed Generation (DG) and Static Synchronous Compensator (STATCOM) placement. A novel hybrid Grey Wolf Optimization-Particle Swarm Optimization (GWO-PSO) algorithm is proposed to optimize the placement and sizing of these components with the objective of enhancing static voltage stability. The Fast Voltage Stability Index (FVSI) is employed as the primary metric for assessing voltage stability, where lower values (approaching zero) indicate improved stability. The proposed hybrid algorithm leverages GWO's exploration capabilities and PSO's exploitation strengths to overcome the limitations of individual algorithms. The methodology is validated on a 35-bus distribution system with a total load demand of 1.89 MW and 1.3455 MVAr. Results show that the hybrid GWO-PSO achieves an average FVSI reduction of 16.98%, significantly outperforming both standalone GWO (12.45%) and PSO (14.32%) implementations. The voltage profile across all buses is substantially improved, with the hybrid approach maintaining voltages closer to nominal values of 1.0 p.u. compared to the base case where many buses operate under low voltage conditions. The hybrid algorithm demonstrates faster convergence, reaching optimal solutions within 100 iterations compared to individual GWO and PSO implementations. The coordinated placement strategy determined optimal DG and STATCOM sizes and locations, effectively addressing voltage stability concerns in distribution systems experiencing rapid load growth with insufficient reactive power support.