Contingency analysis is one of the most important tasks encountered by planning and operation of lafe scale power systems. This paper describes a new contingency analysis methods for small signal security assessment based on the eigen-sensitivity/perturbation of the electromechanical oscillation modes. The eigen-sensitivity/perturbation with respect to line suceptances and controller parameters can he used to find possible sources of the system instability, and to select contingency for small signal stability. Also, the contingency selection to identify critical generators for MW changes can be obtained by computing the relative movement of the system oscillation modes. The proposed algorithm has been successfully tested on the KEPCO systems which is comprised of 791-bus, 1575-branch and program PSS/E