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Computer system reliability is conventionally modeled and analyzed using techniques such as fault tree analysis and reliability block diagrams (RBDs), which provide static representations of system reliability properties. A recent extension to RBDs, called dynamic RBDs (DRBD), defines a framework for modeling the dynamic reliability behavior of computer-based systems. However, analyzing a DRBD model in order to locate and identify design errors, such as a deadlock error or faulty state, is not trivial when done manually. A feasible approach to verifying it is to develop its formal model and then analyze it using programmatic methods. In this paper, we first define a reliability markup language that can be used to formally describe DRBD models. Then, we present an algorithm that automatically converts a DRBD model into a colored Petri net. We use a case study to illustrate the effectiveness of our approach and demonstrate how system properties of a DRBD model can be verified using an existing Petri net tool. Our formal modeling approach is compositional; thus, it provides a potential solution to automated verification of DRBD models.