The incorrect operation of protective relays and circuit breakers will significantly compromise the safety and stability of power systems. To promptly detect the faults of the relay protection system and the circuit breakers in time and to ensure the operational reliability of these protective devices, this paper proposes a fault tracing method for a relay protection system–circuit breaker based on improved Random Forest. Firstly, an analysis is conducted to identify the causes of incorrect operation of the protective relay and the circuit breaker. The fault types and corresponding alarm messages for the relay protection system and the circuit breaker are categorized, and the alarm feature set is constructed. Then, the Random Forest is improved and trained to develop the fault tracking model. Finally, the operation evaluation process is developed to determine the incorrect operations of the protective relay and the circuit breaker, and the fault tracking model and fault tracking process are then employed to locate the faults of the relay protection system and the circuit breaker. The experimental results demonstrate the method’s capability to accurately track faults in the relay protection system and the circuit breaker, thereby assisting operation and maintenance personnel in troubleshooting and highlighting its promising practical potential.