With the continuous increase in the proportion, renewable energy sources have brought great challenges to the traditional protection based on fundamental frequency, due to their complex short-circuit current characteristics which are different from synchronous generators. As the main protection of the tie line (outgoing line) of the renewable energy station, the differential protection will also be seriously affected in terms of its operation performance, and even the operation failure or maloperation may occur in some cases. This paper proposes a new principle of pilot protection based on cosine similarity comparison by analyzing the fault characteristics of renewable energy sources. With the full current as the main criterion and the current fault component as the auxiliary criterion, this principle comprehensively utilizes the time domain information of the current on both sides of the line to improve the protection sensitivity. At the same time, a method of capacitive current compensation for the sampling value is proposed according to the algorithm characteristics of similarity comparison, to prevent the protection maloperation in the case of external faults. The simulation results show that, compared with the existing pilot protection based on similarity comparison, the new protection principle proposed in this paper has good engineering application value by identifying internal and external faults in a more reliable and sensitive manner.