Fault recorders can track the transients in the power system during a fault. However, they cannot provide a wide area picture of the power system operating condition. The provision to track the transients is of great interest for the power system operators. In this paper, a two-stage state estimator (SE), based on both conventional and phasor measurement unit (PMU) measurements, is presented. The estimator is able to track the dynamics of the power system states during a fault. The advantage of the proposed SE is that it does not require full power system observability by the PMU measurements. The two-stage SE was successfully tested on the IEEE 14 and 118 bus systems.