This paper proposes a fair calculation approach for the cost and emission of generators. Generators also have reactive power requirements along with the active power demand to meet up the total power demand. In this paper, firstly the reactive power is calculated considering the random active power operating points on the capability curve of a generator then the cost for reactive power generation as well as emission are calculated. In order to develop the mathematical function for the reactive power cost and reactive power emission, a curve-fitting technique is applied, which gives the generalised reactive power cost and reactive power emission functions. At the end, the problem is formulated as a multiobjective problem, considering conflicting objectives such as combined active- reactive economic dispatch and combined active-reactive emission dispatch. The problem is converted from the multiobjective load dispatch problem (MOLDP) into a scalar problem, using the weighting method and the best compromised solution has been calculated using the particle swarmoptimization (PSO) technique.Afuzzy cardinal method has been applied to choose the best solution. In order to demonstrate the efficiency of developed functions the proposed method is applied on a 3 generator unit system and a 10 generator unit system, the results obtained show its validity and effectiveness.