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Previous work on parameter error identification based on normalized Lagrange multipliers has shown that the errors in parameters of branches constituting single- or double-edge cutsets could not be detected or identified without incorporating phasor measurements. In order to address this deficiency, a computationally efficient algorithm has been developed to identify all such cutsets and documented in a recent paper. This paper builds on that work and formulates a strategic phasor measurement placement problem whose objective is to ensure detectability and identifiability of all network parameters in a given system. A practical solution is developed for this problem and simulation results for IEEE 14-, 30- and 57-bus test systems are provided to illustrate its implementation.