In this paper, the protective relay setting rules of Korean electric power system are studied by analysis of errors to be considered. An accurate operation of protective relays with accurate settings are important in power system reliability. The setting rules are used from the first establishment in 1982 and revision in 1990 Therefore, it needs revise and analysis of the setting rules because of environmental changes such as voltage raise or applied new technology of power system. Two major setting rules are studied. One is the rule for Zones of distance relay for transmission lines. The other is the one of differential current in a differential relay for power transformers. The range of errors in the setting rules accepted in the field experience is studied in simulation of case study. Also some guide lines for the range of errors in the setting rules are presented from the case study using Matlab simulation.