I'm a bit confused. With an EMS (surge protector, not energy management or load sheader) why would you want/need a voltage regulator? A surge protector will only allow voltage in that will not hurt your 110v appliances. So to try to regulate that seems redundant. If you have a special reason for both it may help us understand a bit better.
That said, if you had the regulator first, the surge protector would always be happy. The problem is, if you got hit with 1000v, will this voltage regulator handle that?
If the surge protector was first, the voltage regulator would be redundant. Unless you had some special need to maintain say 115v rather than say a range from 108 to 122v.
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