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The vision of a smart grid is predicated upon pervasive use of modern digital communication techniques to today's power system. As wide area measurements and control techniques are being developed and deployed for a more resilient power system, the role of communication network is becoming prominent. Power system dynamics gets influenced by the communication delays in the network. Therefore, extensive integration of power system and communication infrastructure mandates that the two systems be studied as a single distributed cyber-physical system. This paper proposes a power system and communication network co-simulation framework (GECO) using a global event-driven mechanism. The accuracy is tunable based on the time-scale requirements of the phenomena being studied. This co-simulation can improve the practical investigation of smart grid and evaluate wide area measurement and control schemes. As a case study, a communication-based backup distance relay protection scheme is co-simulated and validated on this co-simulation framework.