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Real-time oscillation monitoring using synchrophasors has emerged as a major application of realtime stability monitoring algorithms in power industry. In this paper, we will discuss progress on the framework of an Oscillation Monitoring System (OMS) for extracting the modal information of electromechanical oscillations from synchrophasors in real-time. A prototype version of OMS has been implemented in real-time at several utilities including Tennessee Valley Authority (TVA). The paper summarizes the theory of OMS and highlights the implementation features at TVA.