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This paper explores the task of real-time identification of dynamic events leading to a layer of situational awareness that can become a reality due to increased penetration of phasor measurement units in transmission systems. Two underlying models for this task—data driven and physics based—are explored with examples. Challenges, advantages, and drawbacks of each model are discussed based on the availability of data, attributes of such data, and processing options. Potential applications of the task to improve security of power system protection and anomaly detection in the case of a cyberattack are conceptualized. Some known issues in data communications are discussed vis-a-vis the requirements imposed by the proposed task. [ABSTRACT FROM AUTHOR]