This chapter presents how root cause analysis based on fault tree technique can be used to study mal-operation of protective relay in a smart power grid. This approach is used to identify disturbances first and root cause of mal operation of protective relays which may lead to unnecessary tripping and hence to blackout. Once the critical root causes are identified, mitigation measures first such as blocking protection functions and digital filters may be used in view of increasing the reliability of the considered protection system. The proposed approach has many advantages as it allows obtaining an important quantitative figure (security). These permits to strongly strengthen the elements of the protecting system which are most likely appropriate to failure and hence the impact on the overall system's cost is significant. Another main advantage is that it takes into account the reliability of the software part of the system which is considered to have a significant contribution in the overall reliability of the protecting system.