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I am using PSS/E 32 in which the Probabilistic Reliability Assessment (PRA) is actually a post-processing function of deterministic AC contingency analysis. The PRA module uses contingency enumeration technology and consists of a calculation part, which evaluates each contingency and models predefined tripping and corrective action sequences, and an analysis part, which conducts a detailed analysis on the basis of the evaluated contingency sequences to calculated the probabilistic indices.

In my opinion, this module is different from the reliability assessment conducted by time-series analysis methods.