This paper proposes a correction technique for bad data and high-precision analysis based on micro-phasor measurement unit (μPMU) data for a stable and reliable smart substation. First, a high-precision wide-area monitoring system (WAMS) with 35 μPMUs installed at Korea’s Yeonggwang substation, which is connected to renewable energy sources (RESs), is introduced. Time-synchronized μPMU data are collected through the phasor data concentrator (PDC). A pre-processing program is implemented and utilized to integrate the raw data of each μPMU into a single comma-separated values (CSV) snapshot file based on the Timetag. After presenting the technique for identification and correction of event, duplicate, and spike bad data of μPMU, causal relationships are confirmed through the voltage and current fluctuations for a total of five states, such as T/L fault, tap-up, tap-down, generation, and generation shutdown. Additionally, the difference in active power between the T/L and the secondary side of the M.Tr is compared, and the fault ride through (FRT) regulations, when the fault in wind power generation (WP), etc., occurred, is analyzed. Finally, a statistical analysis, such as boxplot and kernel density, based on the instantaneous voltage fluctuation rate (IVFR) is conducted. As a result of the simulation evaluation, the proposed correction technique and precise analysis can accurately identify various phenomena in substations and reliably estimate causal relationships.