During power supply swings, current and voltage waveforms are modulated with additional frequency elements which lead to maloperation of relays. This maloperation may cause cascade tripping of transmission lines, which results in the failure of electrical grid networks. Power Swing Blockers (PSBs) are employed to block and prevent maloperation of distance relays during power swing. Along with power swing, the presence of TCSC compensation in transmission line deteriorates the input signals to relays which make fault classification a complex task. During the PSB blocking period, modulated signals distorted with non-linearities of MOV operation complicate the fault diagnosis functioning. This challenge motivates to develop an algorithm for fault classification during power swings. To address aforementioned challenges, a Wigner Ville energy-based fault classification technique is proposed in this work. A modified 9 bus WSCC system with TCSC compensation is used for testing and validation of the proposed scheme. The scheme is tested for different cases like symmetrical, close-in fault, asymmetrical high resistance fault, and CT saturation, etc. The scheme is also validated against transient conditions like load and capacitor switching. The performance of proposed scheme is compared with existing schemes in literature. The above scheme is also implemented and validated on an Intel Cyclone V SOC FPGA. The results show that the proposed scheme classifies faults accurately during the simulation as well as on hardware platform. [ABSTRACT FROM AUTHOR]