This paper deals with different methods involved in the determination of complete observability of power system under wide area monitoring using Phasor Measurement Unit (PMU). There are numerous methods available in literature for the determination of optimal locations of PMU for complete system observability, but out of all those methods, fast selection of best suitable with minimum number of PMUs at optimal location for complete observability, is still a challenge to power engineers for applying online in Smart Grid under deregulation environment. After detail analysis with various methods, this paper proposes an algorithm for selecting best possible method for determining optimal locations of PMUs. The analysis compares performance of the available methods, e.g., Binary Integer Linear Programming, Admittance Bus Matrix Method and Mixed Integer Linear Programing using General Algebraic Modelling System. To investigate the effectiveness of the proposed method for complete observability using system observability redundancy index (SORI), Indian Northern Regional Power Grid (NRPG-246 bus system) has also been considered here.