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A new model of power system to identify critical elements for smart and bulk power transmission grid environment is presented in this paper. Proposed bidirectional power flow model under complex network framework can quantify the criticality of nodes whose removal would trigger cascading failure. The proposed model based centrality, which is an extension of nominal power flow based model, is able to find nodes whose removal exerts more stress on the system. Several measures of impact like path length increase, boosted connectivity loss, raised load loss and increase in number of overloaded lines justify the use of bidirectional power flow based model to evaluate the criticality in smart grid environment. Change in direction of power flow in various random lines of the test system has a very little effect on the rank of nodes in the critical list.