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Reliability of bulk power system has been traditionally divided into two separate components, namely, security and adequacy. Therefore, the obtained two sets of reliability indices are unrelatable and nonuniform. This paper presents new integrated framework of algorithm and a set of indices based on sequential Monte-Carlo simulation approach. It's shown that proposed new integrated model combined with SOM and sampled states absorption technology results in a significant reduction in the computational effort required to compute reliability indices. All fault types and performance of protection scheme are considered in the new model can reflect the stochastic nature of power system behavior accurately. The validity of the developed integrated algorithm is shown by numerical results of the IEEE-RTS test system.