A system includes a processor and a memory system in communication with the processor. The memory system stores instructions that when executed by the processor result in the system being operable to identify a system hazard boundary of a monitored system and a system nuisance boundary of the monitored system. The system is also operable to determine a must-trip condition based on the system hazard boundary and a must-not-trip condition based on the system nuisance boundary. The system is further operable to output a protection margin for the monitored system based on the system hazard boundary and a difference between the must-trip condition and the must-not-trip condition.