I. Introduction
Power systems consist of a sophisticated network of transmission lines inter-connecting different generators and loads spread over a wide area. These interconnections, while improving system reliability, increase complexity level of the system giving rise to their own set of challenges, electromechanical oscillations being one [1]. These oscillations are the natural response of power systems associated with system modes, which contain information on the small–signal stability margin of the system. Mathematically, these modes are given by the eigenvalues of the system state matrix and are characterized by frequency and damping ratio. For a system to have a reasonable small–signal stability margin, damping ratio of all the system modes must be greater than some value, typically 3–5% [2]. A system event such as a critical line or generator trip can cause a decrease in the damping ratio of a system mode indicating that the system moved toward a less stable region, as was observed in the 1996 western grid outage [3]. Thus, continuous monitoring of these modes can provide critical information on the system stability margin and can help thwart an impending system outage by enabling a timely action.