The Real Time System Operations (RTSO) 2006‐2007 project focused on two parallel technical tasks: (1) Real‐Time Applications of Phasors for Monitoring, Alarming and Control; and (2) Real‐Time Voltage Security Assessment (RTVSA) Prototype Tool. The overall goal of the phasor applications project was to accelerate adoption and foster greater use of new, more accurate, time‐synchronized phasor measurements by conducting research and prototyping applications on California ISO's phasor platform ‐ Real‐Time Dynamics Monitoring System (RTDMS) – that provide previously unavailable information on the dynamic stability of the grid. Feasibility assessment studies were conducted on potential application of this technology for small‐signal stability monitoring, validating/improving existing stability nomograms, conducting frequency response analysis, and obtaining real‐time sensitivity information on key metrics to assess grid stress. Based on study findings, prototype applications for real‐time visualization and alarming, small‐signal stability monitoring, measurement based sensitivity analysis and frequency response assessment were developed, factory‐ and field‐tested at the California ISO and at BPA. The goal of the RTVSA project was to provide California ISO with a prototype voltage security assessment tool that runs in real time within California ISO's new reliability and congestion management system. CERTS conducted a technical assessment of appropriate algorithms, developed a prototype incorporating state‐of‐art algorithms (such as the continuation power flow, direct method, boundary orbiting method, and hyperplanes) into a framework most suitable for an operations environment. Based on study findings, a functional specification was prepared, which the California ISO has since used to procure a productionquality tool that is now a part of a suite of advanced computational tools that is used by California ISO for reliability and congestion management.