The generalization of classical techniques for risk assessment incorporating dynamic effects is the main objective of the Integrated Safety Assessment Methodology, as practical implementation of Protection Theory. Transient stability, contingency analysis and protection setpoint verification in electric power systems are particularly appropriate domains of application, since the coupling of reliability and dynamic analysis in the protection assessment process is being increasingly demanded. Suitable techniques for dynamic simulation of sequences of switching events in power systems are derived from the use of quasi-linear equation solution algorithms. The application of the methodology, step by step, is illustrated in a simple but representative example.