Power swing is a transient event in the power system that is incepted by various phenomenons such as sudden loss or sudden addition of load, tripping of line due to faults etc. The conventional Distance relays are set to operate for faults may mal-operate during Power swings which lead to transient instability of the system along with low post fault power transfer capability of the system. To avoid this, a fast acting Power swing detection is required that would issue appropriate tripping signals to the breaker so that post fault power transfer capability is optimized. This paper aims to present modern techniques that reliably and efficiently detect power swing and classify the same into fast or slow and stable or unstable class to avoid false tripping of breakers and ensure maximum post fault power transfer.