This article focuses on the implementation of a hybrid firefly algorithm-particle swarm optimization (FAPSO) scheme for optimizing the parameters of an interval type-2 fractional order fuzzy proportional integral derivative (IT2FOFPID)-based power system stabilizer (PSS) to minimize the low-frequency oscillations in a power system. Here, the IT2FOFPID-based PSS is designed by considering speed deviation and acceleration as input signals. In this article, a single machine infinite bus system and the New England 10 machine 39-bus power system are used for testing and comparing the approaches. Stability studies are also performed using OPAL-RT's OP5600, a real-time digital simulator. The comparative studies demonstrate that the hybrid FAPSO optimized IT2FOFPID-PSS provides better damping and stability performance when compared with the PSSs based on the FA/PSO/ hybrid genetic algorithm and bacterial foraging optimization and hybrid differential evolution and pattern search optimized IT2FOFPID approaches under various operating scenarios.