The reliable operation of modern power systems faces numerous challenges, including wide-area disturbances, protection system misoperation, complex interconnected configurations, limited stability margins, variable renewable energy resources, and increasing energy demands. However, advancements in measurement devices, computation, and communication technologies present opportunities for constructing smart grids and implementing effective wide-area monitoring, protection, and control systems. To address these challenges, extensive research has been conducted on utilizing wide-area information to enhance protection and monitoring systems and provide a comprehensive understanding of the power system status for control centers to prevent undesirable conditions. This paper provides a comprehensive review of existing work in the areas of wide-area monitoring and protection, with a particular focus on balancing security and reliability in protection systems, supervising distance protection systems, wide-area protection against out-of-step conditions, voltage profile monitoring, and addressing issues related to integrating renewable energy resources. By examining the benefits and challenges of wide-area monitoring and protection systems in modern power systems, this review aims to identify opportunities for future research and development in this field.
