Flexibility demand of power systems with high proportion wind power are increasing, which relys on power regulation services. At present, regulating resources provide regulation electricity and selecting option, but they only get the return of the former. The enthusiasm of demand-side resources are restrained, which is the key problem for the expansion of regulating scope. This paper clarifies the value of regulation electricity and option, and discusses the physical significance and economic value of the later. Then, the mathematical model of option pricing problem is derived, and the pricing method of electricity regulation service related to electricity value and option value is given. Finally, it is proved by an example of peak regulation auxiliary service market that the proposed pricing method can improve the incentive effect, stimulate the demand side resources to participate in the flexible regulation service, and improve the ability to cope with the high flexibility scenario.