This paper proposes Power System Health Index(PSHI) newly. The paper describes several kind of power system health indices based on two main categories, which are adequacy and security. In adequacy, four kinds of health indices of Frequency, Voltage, Reserve(Operating Reserve Power and Frequency Regulation Reserve Power) and Overload of lines and transformers are proposed. In security, four kinds of health indices of Voltage(154kV, 345kV and 765kV), Overload of lines and transformers, Power flow constraint among areas and SPS are proposed. All indices are mapped with three domains, which are indicated as Health, Margin and Risk, defined with expert interview. While domains of health, margin and risk is defined similar with the conventional well being analysis of power system. The criterion of the domains is proposed using an interview with expert operators and practical reliability codes in Korea. The several kinds of health index functions, which are linear ratio, piecewise linear ration and reverse ratio function etc. are developed in this paper. It will be expected that the developed health indices can help operators to control power system more successfully and also prevent power system from accident as like as black out in future because operator can make a decision immediately based on more easily visual information of system conditions from too much indices acquisition of complex power system.