The present disclosure pertains to systems and methods for analyzing traveling waves in an electric power delivery system. In one embodiment, a system may comprise a traveling wave identification subsystem to receive electric power system signals and identify a plurality of incident, reflected, and transmitted traveling waves. A first traveling wave may be selected from the incident and transmitted traveling waves, and a first distortion may be determined. A second traveling wave subsequent to the first traveling wave, may selected from the incident traveling waves and a second distortion may be determined. A traveling wave analysis subsystem may compare the first distortion and the second distortion and determine whether the first distortion is consistent with the second distortion. A protective action subsystem may implement a protective action based on a first determination that the first distortion is consistent with the second distortion.