Electric vehicles have many opportunities to participate in auxiliary operations as research interest in renewables and green energy sources grows. This paper discusses novel energy storage technologies for assessing the impact of electric vehicles and distributed flexible alternating current transmission systems in smart grids for improving various power system performance results using various optimization techniques with real and reactive power minimization as objective functions. The authors should strive to make this review article extremely beneficial to scholars, academics, and practitioners. As a result, this review article will also be beneficial to the social community.