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The correct functioning of relay protection (RP) largely determines the stability of electric power systems (EPS). The key point, which in turn determines the behavior of protection in various emergency modes, is their setting. The existing methods and means often do not allow to guarantee the adequacy of protection setting to the real operating conditions, which is confirmed by the statistics of accidents in the EPS. The root cause of this problem is the impossibility using the software tools used in practice for relay settings calculation to reliably reproduce the transient processes in the power system. The EPS simulator - Hybrid Real-Time Power System Simulator (HRTSim), developed by the authors, allows to adequately reproduce the entire spectrum of normal and emergency processes for a power system of any dimension, topology and configuration through the use of detailed three-phase models of all EPS elements. Given this possibility, the task of detailed modeling of relay protection, including instrumental current and voltage transformers, becomes promising. The developed protection modeling tools in combination with the capabilities of the HRTSim allow the development of new methods for determining the relay protection settings. This article presents an algorithm for determining the polygonal and circular tripping characteristics of distance protection, and also presents graphic materials demonstrating the operation of this algorithm. This approach allows to adapt the settings to the real conditions of protection application in the power system, while minimizing the likelihood of their incorrect behavior.