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Throughout the history of power system protection, researchers have strived to increase sensitivity and speed of apparatus protection systems without compromising security. With the significant technological advances in wide-area measurement systems, for transmission system protection, current differential protection scheme outscores alternatives like overcurrent and distance protection schemes. Therefore, in this paper, we address this challenge by proposing a methodology for adaptive control of the restraining region in a current differential plane. First an error analysis of conventional phasor approach for current differential protection is provided using the concept of dynamic phasor. Subsequently, we extend the methodology for protection of series compensated transmission lines. Finally, we also evaluate the speed versus accuracy conflict using phasorlets. Electromagnetic Transient Program simulations are used to substantiate the claims. The results demonstrate the utility of the proposed approach.