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More accurate algorithm based on analytical approach for probabilistic security evaluation is proposed in this paper. New software named PSD-PRE is developed using Visual FORTRAN and Visual C++. It achieves calling of PSD-BPA which is the basis of PSD-PRE for state evaluation. Trait of PSD-PRE is that it can evaluate bulk power system probabilistic security considering bus arrangement. It makes the calculation results more accurate. Accelerating algorithm is adopted to alleviate the calculation burden of PSD-PRE. Not only the single or double faults of line or transformer but also the multi-fault caused by protection failure to operate or rejection can be modeled to get the probabilistic security risk indices. PSD-PRE has been tested by IEEE-RTS79 test system. Simulation results show that PSD-PRE is valid, available and indices can be used as the basis of transmission network planning. [ABSTRACT FROM AUTHOR]