This paper sets out a Hybrid Sensitivity–Tracing Framework for allocating real-power losses to generators and loads in AC transmission networks. Conventional marginal-loss and tracing-based methods fail to meet important requirements such as fairness, stability, slack independence, and physical interpretability. The proposed approach integrates AC marginal-loss sensitivities with flow-tracing participation factors by using a convex weighting mechanism that incorporates incremental loss effects and physical line usage. The hybrid formulation provides revenue neutrality, non-negativity, and robustness under varying network conditions without steep gradients and slack dependence in marginal-based allocation. Moreover, in numerical studies for IEEE 14-bus, 39-bus, and 118-bus networks, the hybrid method provides smoother allocation profiles and fairness scores, and is also relatively well immune to slack-bus relocation, and with very low computational costs. These results assure that the developed framework is technically consistent, capable of scaling, and operationally feasible for real-life AC grid power loss allocation.