To mitigate the threat from increasing fault current level in high-voltage transmission systems, a “dredging theory” based on the fault current splitter (FCS) was proposed to help the over-duty circuit breaker clear the fault. However, detailed practice of this theory is not fully studied. This paper investigates the feasibility of suppressing the fault current by FCSs from the perspectives of operation and planning. The operating scheme of FCSs is firstly qualitatively analyzed, and an iterative formula is derived to calculate the fault current in a system including multiple FCSs. Furthermore, the voltage sag caused by FCSs is evaluated by the Specified Computer Business Equipment Manufacturer Association (SCBEMA) curve and is minimized by the proposed optimization model considering maximum fault current limitation. A repeat-searching particle optimization (RSPSO) algorithm is developed to solve the model efficiently. This solution is validated to be effective and acceptable through two case studies.