The power systems are functioning nearer to their capacity limits to increase the efficiency of the operation. With the prompt progress of smart grid, wide area measurement system (WAMS) is broadly and rapidly deployed in the EPS to understand, fore-cast, or even control the status of power grid stability in real time. Introducing phasor measurement units in addition to its advances have made them technically viable to monitor the stability of the PS using a wide area perception. This paper presents the review of WAMS and reports the various aspects of its operation in a power system. Initially, WAMS features, components, process, and its architecture are briefly described. The latter provides the data sources along with their standards required for WAMS and its applications. Also this paper gives a brief review on WAMPAC and various research openings for the development and implementation of real-time functions. © 2017 Informa UK Limited, trading as Taylor & Francis Group.