Background: An increase in the load demand has been forcing the electrical components to work near their allowable limits. The transformation of the power system in terms of technology and geographical stretch has imposed the necessity of employing advanced protection schemes in the system. The system integrity protection scheme (SIPS) has evolved as an effective measure with the gradual sprawl of the conventional grid with local measurements to a smart grid with wide-area measurement system. Aims: SIPS is a rapidly growing field in the power system and thus the study of its performance analysis, implementation methods, and applications is necessary. This paper provides a comprehensive overview of SIPS technology. Materials & Methods: In this paper, SIPS definition and classification are briefly discussed. SIPS normalization schemes that include load shedding, controlled islanding, generation rejection, ou-of-step prediction, relay settings are elaborated. To implement these normalization schemes, various methods such as index-based, optimization-based, WAMS based, EAC based, and ML-based are discussed and compared. Finally, a comparative assessment is framed based on SIPS applied for different power system issues such as transient instability, voltage instability, overloading, line contingency, protection security, etc. Results: It is observed that most of the proposed SIPS are implemented for improving transient stability. The preferred solution for implementing the SIPS by the researchers is load shedding. It is also observed that there is a lack of implementation of SIPS with renewable energy systems.