Phasor Measurement Units (PMUs) are devices that can not only measure but also time stamp voltage, current, frequency, among electric power system parameters. PMUs take these synchronized measurements as fast as 60 times per second and compared with the traditional 2–4 second SCADA measurements, PMUs bring a much clear and real-time picture of what is happening in the power system. PMUs have been increasingly deployed across transmission power grids worldwide. In the USA this has been primarily done by utilities through projects sponsored mainly by US Department of Energy Smart Grid grants. There are different applications that synchrophasors can provide, including off-line and real-time applications. However, due to budget constraints, technology development and characteristics specific to each electric power system, not all applications are equally suitable for each system. This paper provides a methodology for PMU applications prioritization based on the analysis and results of wide area disturbance events as well as other factors that are described in detailed.