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As part of a major effort by North American Synchro-Phasor Initiative (NASPI) to create a robust, widely available and secure synchronized data measurement infrastructure (NASPInet) for the interconnected North American electric power system, NASPI has initiated a NASPInet specification project in 2008 funded by the Department of Energy (DOE) of USA. The project has been successfully completed and the developed NASPInet functional requirements specification has been delivered to NASPI and DOE. The delivered documents have been posted on the NASPI's and DOE National Energy Technology Laboratory's web sites for public review and feedbacks. NASPI and DOE are planning to take further steps towards the implementation of NASPInet. This paper provides an overview of the developed NASPInet specification and the main functional requirements of NASPInet. A general description of the specification organization is also provided to assist the reading of the delivered specification.