The measurement accuracy and stability of a contactless voltage sensor are greatly affected by the relative locations of the cable and sensor. We propose a contactless voltage sensing method considering the adaptive compensation of the induced voltage of an electrode array to improve the sensing accuracy and reliability. A novel electrode array structure composed of four uniformly distributed electrodes is designed to collect the spatially distributed electric field around the power cable. To quantify the correlation between the change in the relative location of the cable and the induced voltage of the electrode array, a setup for measuring sensor output characteristics based on the coordinated control of dual motors and the synchronous collection of induced voltages of electrodes is developed. The relationship between the change in cable location and the sensing voltage is studied at different voltages. To further improve the sensing accuracy, a voltage adaptive compensation method is proposed, in which a linear regression algorithm is used to analyze and learn the quantitative relationship between the induced voltage of the electrode array and the cable location. The results of a verification test carried out in the range of 160–240 V AC show that by voltage adaptive compensation, the voltage fluctuation range caused by the change in the relative location of the cable is reduced from ±25 to ±4 V and the maximum measurement error is reduced from 15% to less than 2.5%.