A new power system emergency control framework based on analysis of electrical measurements and electromechanical wave propagation in large electric power systems is developed. In this paper, the power system is considered as a continuum and the propagated electromechanical waves initiated by faults and other random events are studied to provide a new scheme for stability investigation of a large dimensional system. Since for initiating certain emergency control measures, fast and accurate detection of instability is essential, the proposed methodology to be also useful to detect the contingency condition and performing the well-known islanding and load shedding techniques. The proposed emergency control scheme is supplemented by some nonlinear simulations on large scale test systems.