This paper describes the concepts of Static Line Rating (SLR) and Dynamic Line Rating (DLR) and the computational methods to demonstrate them. Calculation of the line capacity needs the heat balance equation which is also used for computing the reduced tension in terms of line aging. SLR is calculated with the data from the worst condition of weather throughout the year. Even now, the utilization ratio is obtained from this SLR data in Korea. DLR is the improved method compared to SLR. A process for DLR reveals not only improved line ratings but also more accurate allowed line ratings based on line aging and real time conditions of weather. In order to reflect overhead transmission line aging in DLR, this paper proposes the method that considers the amount of decreased tension since the lines have been installed. Therefore, the continuous allowed temperature for remaining life time is newly acquired. In order to forecast DLR, this paper uses weather forecast models, and applies the concept of Thermal Overload Risk Probability (TORP). Then, the new concept of Dynamic Utilization Ratio (DUR) is defined, replacing Static Utilization Ratio (SUR). For the case study, the two main transmission lines which are responsible for the north bound power flow in the Seoul metropolitan area are chosen for computing line rating and utilization ratio. And then line rating and utilization ratio are analyzed for each transmission line, so that comparison of the present and estimated utilization ratios becomes available. Finally, this paper proves the validity of predictive DUR as the objective index, with simulations of emergency state caused by system outages, overload and so on.