This paper presents a robust and optimal metering systems and optimal Phasor Measurement Unit (PMU) placement for real time power system monitoring taking into account of both normal and contingency cases. Two types of contingencies are named as single branch/meter outage and single branch/PMU outage for optimal meter and PMU placement respectively. The placement of meter and PMU are solved by Biogeography Based Optimization. In the PMU placement study, the virtual bus reduction technique is applied for reducing the scale of the system. Developed placement algorithm is illustrated using IEEE standard systems to demonstrate the effectiveness of the proposed algorithm.