Transmission lines are an important part of the power system, as they are the carriers of power from one end to another. In the event of a fault, the power transferring process is disturbed and can even damage the equipment, which is attached to the generation end as well as the user end. Most of the power systems are connected to the transmission lines, so it is very important to make the transmission lines secure. For protection purposes, relays are used, but relays only trip in the event of a fault and do not tell us about the location of the fault. The power system requires a speedy protection system. For a speedy protection system, quick and fast fault analysis and classification are required. An effective approach for the analysis of the transmission line with three sources is proposed. This method is quite effective and accurate for locating the fault and classifying its types. This technique needs power measurement from both ends simultaneously for fault diagnosis. Instantaneous power and sign power values are used for fault detection and classification. A voltage profile is used to identify the fault location. For three-phase transmission lines, voltage profiles are built up at different segment points to locate the fault. The IEEE-9 bus system is simulated for this technique. MATLAB is employed for simulation purposes. The test system is simulated with different types of faults at different locations. Relay operation has not affected the accuracy of the system. This technique has an accuracy of more than 97%. This method is quite effective for the analysis of power transmission lines. It can discriminate the fault type, identify the faulty phase of the line, and locate the point of the fault. Faults are located with errors not more than 0.45%. Moreover, the time difference between the actual fault and the calculated fault obtained from the estimated location is not more than 0.004 s. Simulations are claimed to be executed in less computational time, ensuring effective and rapid protection against faults.