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The information security risk assessment of IEC 61850-based power control systems is currently an unsolved problem. One of the reasons is a lack of methodology for asset analysis, which is an important process of risk assessment. In the companion paper (Part I), a specific methodology of asset analysis for the IEC 61850-based power control systems is introduced. To explain and verify the proposed methodology, the substation automation systems are selected as a typical application field. Before the case study, a basic principle for value assignment in a specific qualitative scale is proposed as a foundation for asset valuation. Then, an instance system based on IEC 61850 is introduced to apply the methodology. The overall procedures of the asset identification and asset valuation are represented step by step. From the results of the application, the methodology can meet the requirements of risk assessment.