The sprawl of power system network paved a challenge to achieve quality and uninterrupted power to the consumers. Lack of situational awareness (SA) is a key concern, because it adversely affects the reliability of the system. This paper concerns about the co-ordination of protective equipment in distribution side of the power system network when there is a fault on any section of the network. Petri net (PN) based approach has been proposed for modeling the co-ordination between protective equipment for different fault scenarios to assess the operational reliability. The PN model encapsulates the dynamic behavior of the protective equipment together with their co-ordination. This assists in predicting the future disturbances and helps to take precautionary measures for the pre-warning situation and prevent cascaded failures, leading to enhanced SA. To analyze the effect of uncertainties in the operating time of protective equipment, fuzzy Petri net (FPN) approach has been explored. In addition, this research also incorporates a comparison between PN and fault tree, to analyze the impact of protection co-ordination modeling on power system reliability. Furthermore, event tree analysis (ETA) is used to evaluate the loss of probability of SA. The studies have been carried out on a part of distribution system and 14 bus ABB distribution system for implementation and validation of the proposed method.