In this study, a new algorithm dealing with time-varying modes for determining and tracing multiple frequency oscillations in power systems is proposed. Multiple modes or resonance of forced and natural oscillations can have severe effects on a power system. Therefore, it is crucial to recognize the dominant natural and forced oscillations because the oscillation mode possesses time-varying features that depend on the system operating conditions or changes in the parameters. The salient features of the proposed algorithm include the use of a time-series-based approach to recognize undesired modes (including multiple oscillations over a wide frequency range), tracing time-varying modes as the power system operating condition changes, and effectively determining and applying the oscillation features before implementing the corresponding control measures in the power system. In this study, multiple frequency oscillation scenarios for the test system and practical measurement data for a recent incident that occurred in Korea Electric Power Corporation (KEPCO) system are discussed. Therefore, the proposed algorithm can be practically applied in wide-area monitoring systems, not only for a single forced oscillation or local mode detection but also for system-wide inter-area mode recognition.