A counterweight is an equivalent counterbalancing weight that balances a load. The American Heritage Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2003. Published by Houghton Mifflin Company. Uses A counterweight is often used in traction lifts (elevators), cranes and funfair rides. In these applications, the expected load multiplied by the distance that load will be spaced from the central support (called the "tipping point") mu… (More on Counterweight)