Power system stability is correlated with system structure, disturbances and operating conditions, and power flows on transmission lines are closely related with those conditions. This paper proposes a methodology to identify correlative power flows for power system transient and small-signal stability prediction. In transient stability sense, the Critical Clearing Time is used to select some dominant contingencies, and Transient Stability Prediction index is proposed for the quantitative comparison. For small-signal stability, this paper discusses a methodology to identify crucial transmission lines for stability Prediction by introducing a sensitivity factor based on eigenvalue sensitivity technique. On-line monitoring of the selected lines enables to predict system stability in real-time. Also, a Procedure to make a priority list of monitored transmission lines is proposed. The procedure is applied to a test system and the KEPCO systems in the year of 2003 and it shows capabilities of the proposed method