Introduction of Synchronized phasor measurement unit (PMU) in power system is a solution for monitoring system wide disturbances. PMUs provide precise information about a system's phasors such as magnitude and phase angle of sine waves of the system. PMU data is a valuable source when determining the post-mortem of a fault, or a system disturbance. It can be unveiled what time the system began to falter and exactly what instabilities the system experienced. Knowing the cause of such instabilities will allow enhancement of the current system protection system. This will help in minimizing risk, disruptions or total system collapse. PMUs are synchronized via global positioning system (GPS). For wide area monitoring (WAM), synchronization of the PMUs allows for interconnected systems to be monitored simultaneously, giving real time records. This paper explores the impact of PMU in modern power system, deployment strategies of PMU network around Texas Tech University, importance of PMU data collected from the network, correlation of events by data analysis and focus on how the time stamped information is valuable for grid stability. The ongoing smart architecture of grid will increase dependency and importance on PMU based network in future.