Methods for improving the accuracy of characterizing unmonitored paths or virtual meters in a utility system. The hierarchical arrangement of IEDs in the utility system is determined. Measured quantities of a characteristic of the utility being monitored are received and error-adjusted using statistical or absolute methods. The statistical method accounts for the mean and standard deviation associated with error measurements of the subject IED, and the absolute method uses the absolute value of the error measurement, expressed as a percentage, to produce ranges of measured quantities within an error tolerance. The differences between the error-adjusted quantities are analyzed to determine whether an unmonitored path exists, and if so, whether the virtual meter is consuming or supplying the utility. The order in which IEDs are read is determined so that a parent and its children are read in sequence to increase synchronicity of the received data and the virtual meter evaluation.