Fast Valving (FV) mechanism of steam turbines is considered to be one of the most effective actions for enhancing the security of a power system subsequent to disturbances. It plays a significant role in mitigating the impact of severe disturbances by instantly decreasing steam turbine power, thus ensuring the power system stability. There is a direct relationship between the settings of Over-Speed Protection Control (OPC) unit of steam turbines and the control functions of FV. This paper proposes a generalized simulation-based procedure to determine the optimum intermediate valve actuation timings of the FV control action. A coal-fired thermal power plant has been used as the case study and the accuracy of the settings made using the proposed approach has been demonstrated using actually happened contingencies in a real power system. Finally, it is concluded that the proper selection of actuation timings of intermediate valves for FV scheme has a significant effect on enhancing frequency stability under transient conditions.