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As the electric power grid is changing to a smarter more dynamically controlled system, there is increasing need for measurements that show the global status of the system for wide-area monitoring and control. These measurements require time synchronization across the grid. This synchronization is obtained by the use of GPS clocks. As the number of such synchronized devices increases there is a need to have an efficient, accurate, and reliable method of time distribution within power substations. The power industry is increasingly turning to the use of IEEE 1588 network Precision Time Protocol to meet this need in substation Intelligent Electronic Devices (IEDs). This paper examines this need in relation to the use of Phasor Measurement Units. This also paper describes the errors associated with this protocol and its application to the calibration of PMUs.