Hybrid energy storage system (HESS) based on Li-ion and supercapacitor (SC) can play a potential role to stabilize the grid by providing the fast frequency ancillary services. The SC helps to reduce the battery charge/discharge stress and, hence, assists to extend the battery lifespan. The power sharing method (PSM) is the heart in control part to improve the HESS performance and reduce the battery stress. This paper proposes a hybrid PSM and investigates its impact on battery life extension along with its relation to the system design and regulation signal. The performance of hybrid PSM is compared with three other PSMs (low-pass filter, first and second rule based) in a 10 MW/10 MWh full-active parallel HESS for frequency regulation service in two networks: U.K. (national grid) and USA (PJM). Considering maximum possible battery lifetime upto 25 years, result shows that the hybrid PSM approach allows a degree of the better performance for both grid while the sharing of SC is kept maximum 2.0% and 2.5% (for U.S. and U.K. grid, respectively) of the HESS capacity. This study also analyses the impact of PSM on shared capacity and design of HESS for different grid regulation signals.