Existing protection schemes for series-compensated transmission line (SCTL) lack either in reliability or speed during power swing (PS). A new ultra-fast reliable method is proposed in the present article using the slope of instantaneous current increment (SICI). The peaks of SICI (denoted by PKS) of a modal component of currents above a dynamic threshold are obtained to detect the sudden jump in SICI, which occurs after a transient disturbance. PKS of two terminal-currents are of same polarity for a fault within SCTL but they are of opposite polarity for any external event. This unique characteristic is mathematically verified and exploited to discern internal faults from external events during PS. Proposed method is found unaffected for high level of series compensation, position of compensation, close-in fault, fault inception point, high fault resistance, synchronization error and CT saturation. The results are finally compared to the incremental quantity-based methods to justify its merit.