Phasor measurement data provide precise real-time direct monitoring capability of the power system dynamics (beyond the static view currently available via SCADA) at a very high rate. They also have the capability of accurately estimating and dynamically tracking various system parameters that provide a quantitative assessment of the health of system under the current operating condition and the prevalent contingency. In particular, synchronized phasor measurements provide an accurate sequence of snap-shots of the power system behavior at a very high rate (30 samples per second) along with precise timing information. The timing information is essential for real-time continuous estimation of system parameters that classify the power system. A precise estimate of the load, generator and/or network parameters consequently provide the most accurate assessment of the system limits of the current operating system. This time series data along with real-time system parameter estimates based on the data can be utilized to improve stability nomogram monitoring, small signal stability monitoring, voltage stability monitoring and system frequency response assessment. A main advantage of such methodologies is that they can measure actual system states and performance and do not rely on offline studies for its assessment, nor do they rely on comprehensive system models, which can be outdated or/and inaccurate.