I. Introduction
Providing high reliability and security plays a vital role in power system operation. In order to assure the system robustness against potential faults, there is a necessity to perform accurate reliability and transient stability analysis. Such an analysis involves considering the effects of protection systems. The main task of the protection systems is to protect the assets of the power system, such as overhead lines, generators, power transformers, etc., against malfunction and destruction. When a fault occurs, the protection system switches to transient state, and its structural and operational conditions affect the behavior of this transient state. In addition, system dynamics should be taken into account in reliability analysis to obtain effective results. Because of the instability caused by large disturbances, cascade failures may be triggered, and eventually the system may go to the blackout [1].