This paper proposes a Principal Component Analysis (PCA)-based method to construct composite indices to rapidly assess power system transient stability. By assigning appropriate weights to a few selected sub-indicators, a composite index can be constructed to guarantee a better coverage of worst-case stability scenarios of the power system. This paper provides an automatic method to construct a composite index with four sub-indicators calculated by the integral of acceleration, speed deviation and rotor angle of generators over a certain integration period using PCA. The effectiveness of the sub-indicators is validated first, followed by a comprehensive example of process of composite index construction, and the assessment of the influence of the effect of integration period on the performance of the composite index. High accuracy of classification has been demonstrated using composite index with appropriate settings of the integration periods of the sub-indicators.