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UHVDC transmission technology is proposed to be put into practical projects, of which reliability will affect the overall power system, thus the quantitative evaluation technique of UHVDC system reliability has become a burning question. The paper proposed a new reliability index for UHVDC systems and illustrated a common technique for DC system reliability analysis using Monte Carlo simulation, considering protection and control strategy. A digital computer program was developed to evaluate the probability, frequency and other sophisticated reliability indices. The procedure and program were tested on a model HVDC/UHVDC system, and the results were presented to illustrate the proposed technique. Finally, a case study was given to demonstrate the effect of reliability parameters and redundancy on the reliability of UHVDC systems through sensitivity and weak point analyzing.