Since phasor measurement units (PMU) were invented, there has been growing interest in developing methodologies for improving monitoring, protection and control of power systems in real time. In this study, the authors propose a new methodology, based on graph modelling, to identify coherent groups of generators in a real‐time fashion. The coherent groups are identified with instantaneous values measured from the system through PMUs, and the methodology needs neither setting the number of desired groups nor defining a threshold value since it is based on coupling factors between generators. Moreover, it is proposed a new method for the online definition of areas for islanding when this action is required as the latest emergency control method. The methodology assigns the non‐generation buses to the previously found generators coherent groups considering three criteria: electrical distance to the group of generators, topology, and operational constraints, which are verified by mean of an optimal power flow. The methodology is tested on the IEEE 39‐bus and IEEE 118‐bus test systems. Results show that the real‐time identification of coherent groups and the definition of areas allow the development of islanding strategies with promising results.