Modern Power system is a largely interconnected network containing Generators, Transmission lines, Transformers, Busbars and Distribution networks .Safety and security of each element is essential for the reliability and quality of power supply .Faults on Power system can affect the stability of the system. A sustained severe fault on largely interconnected system may lead to block out also. Busbar is one of the most important elements of a power system connecting a variety of elements like generators, transmission lines and loads. A fault on busbar leads to loss of all the elements connected to it .The protection scheme of busbar should be fast, reliable and stable. But,it is possible for one of the CTs to saturate during external faults. Then the protection scheme is likely to mal-operate due to unbalance in the incoming and outgoing currents. In order to overcome, the transient signals are analyzed using Wavelets based Multi Resolution Analysis (WMRA). The resultant detail coefficients are utilized for fault detection, discrimination.