A method for managing power quality events in an electrical system includes processing electrical measurement data captured by an intelligent electronic device (IED) to identify at least one power quality event associated with one or more loads monitored by the IED. The IED and the loads are installed at respective locations in the electrical system. The method also includes determining an impact of the at least one identified power quality event on one or more of the loads, and using the at least one identified power quality event and the determined impact to generate a tolerance curve associated with the one or more of the loads. The tolerance curve characterizes a tolerance level of the loads to certain power quality events. The loads can include one or more loads “downstream” from the IED in the electrical system and/or one or more loads “upstream” from IED in the electrical system.