The main purpose of this article is to examine how and to what extent Iran-Russia cooperation is effective in ensuring ‘broader’ strategic stability through balancing in the Middle East. Strategic stability and balance of power are interrelated components of the region’s order which have changed following the Arab Spring and the Syrian crisis. The article analyzes Iran and Russia’s impact on these two concepts, with a systemic approach, paying attention to interrelationship of variables at regional and international levels. Although strategic stability has been generally considered an issue at international level of great powers politics, this paper, emphasizing on evolution of international relations, believes in a new, complex and multilayered definition of strategic stability - a ‘broader’ one in the Middle East, which is not necessarily ensured by agreements or balance among great powers. The results indicate that Iran-Russia cooperative balancing in the Syrian crisis against the US and at regional level with emphasis on a broad regional balance system has been effective in providing ‘broader’ strategic stability in the region. Although Russia's policy in this field put some limits on Iran, strategically it serves Iran’s interests.