Ensuring the reliability of power systems remains a paramount concern for electrical utilities worldwide. The design and implementation of robust protection is crucial for mitigating faults and ensuring uninterrupted power supply. This paper encompasses the protection deployed in electrical utilities. A comprehensive analysis is conducted on the application protection scheme in practice for the protection of major power components. The reliability of protection schemes is enhanced by adopting the of dual & fast protection schemes on the critical power components for swift & reliable clearing of faults. Additionally, this article also investigates the protection strategies employed for slightly lower priority components, including high-speed main and low-speed backup protection schemes. A thorough review for the protection practices for synchronous power generation, transmission, and distribution has been conducted. In this article, the selection of specific protection schemes and the calculation settings for 600 MW synchronous generator-connected lines and transformers are discussed. Additionally, the limitations of traditional protection schemes in safeguarding inverter-based power systems are explored. The paper also highlights areas for future research in the protection of electrical equipment within evolving grid infrastructures. This study will provide valuable insights for researchers and practicing engineers in planning and implementing protection systems for electrical grids, ensuring high levels of reliability and resilience