Smart-grid development focusing on renewable energy sources is changing power system characteristics at a time when utilities are also focusing on improving customer service and resiliency of the grid. All of these activities require renewed attention to safety, protection, and control strategies that take advantage of available technologies while promoting newer ones. To explore better utilization of present technologies and chart the development of next generation protection and control technologies, the IEEE Power System Relaying Committee formed a working group to prepare a report describing and analyzing state-of-the-art and emerging technologies for centralized protection and control within a substation. When appropriately applied, these novel practical technologies may significantly improve the reliability of protection and control systems and the power grid. This paper reviews the key advancements in centralized protection and control systems.