Accurate grid topology information is of paramount importance for routine power system operations, while the growing availability of synchrophasor data offers the opportunity to identify topology changes in real time. Identification of bus split events, where the substation becomes electrically disconnected, is becoming increasingly important for maintaining the security of power systems. This paper aims to provide an efficient modeling and monitoring framework for bus split events. The linear sensitivity analysis is first performed to quickly evaluate the grid-wide impact of such events. Furthermore, the synchrophasor data enabled identification problem is formulated by matching the changes in bus phase angles (and possibly line flows). To address the resultant bilinear multiplication involving the binary connectivity variables, the McCormick relaxation technique is leveraged to attain an equivalent mixed-integer linear program reformulation that is efficiently solvable. Numerical studies on the IEEE 14-bus and 300-bus systems demonstrate the validity and efficiency of the proposed identification algorithm towards real-time implementation.