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Smart Grids accelerated evolution has introduced numerous approaches for solving issues such as increased electricity demand, large scale integration of distributed energy resources and power market deregulation. All these approaches have a common aim of coexisting in multi-vendor environment of the Smart Grid. To provide a solution for integrating diverse stakeholders in the Smart Grid, it is required to utilize well accepted industrial automation standards which will enable seamless integration of new systems and maintain backward compatibility with legacy systems. As a result of analysis, IEC 61850 and IEC 61970 have been recognized as fundamental industrial standards for successful Smart Grid deployment. This article shows how combined usage of IEC 61850 and IEC 61970 provides prerequisites for modeling unified Smart Grid ontology and constitutes deployment groundwork for standards-based semantic services. By using service-oriented and event-driven architecture design principles, a novel approach for modeling Smart Grid supervision and remote control frameworks has been presented.