A method for managing voltage event alarms in an electrical system includes processing electrical measurement data from energy-related signals captured by at least one intelligent electronic device (IED) of a plurality of IEDs to identify an anomalous voltage condition at a point of installation of a respective one of the plurality of IEDs in the electrical system. In embodiments, the anomalous voltage condition corresponds to a measured IED voltage being above one or more upper alarm thresholds or below one or more lower alarm thresholds. The method also includes determining if the electrical system is affected by the identified anomalous voltage condition. In response to determining that the electrical system is not affected by the identified anomalous voltage condition, at least one of the one or more upper alarm thresholds or at least one of the one or more lower alarm thresholds may be adjusted to the measured IED voltage.