The current compensation mechanism of peak load regulation auxiliary services can not sufficiently mobilize the enthusiasm of thermal power units to participate in deep peak load regulation because of neglecting the differences in thermal power units capacities and holding to single compensation standard. From the view of the influence of subjective and objective factors on peak load regulation, a method of dividing basic and deep peak load regulation considering subjective factors of peak load regulation is put forward to improve the enthusiasm of units with different capacities to participate in deep peak load regulation. Then a deep peak load regulation compensation model considering objective demand and subjective capability is proposed. In the proposed model, the compensation standard can objectively reflect the demand change of peak load regulation and the contribution energy of deep peak load regulation can reflect the differences of peak load regulation capability of units, which is effective for units to participate in deep peak load regulation and improve their capabilities of peak load regulation. The example analysis demonstrates the effectiveness of the compensation model.