Disclosed herein are various embodiments of systems and methods for calculating a fault location in electric power delivery system based on a traveling wave created by an electrical fault in the electric power delivery system. According to one embodiment, an intelligent electronic device may be configured to detect a transient traveling wave caused by an electrical fault. A first traveling wave value of the transient traveling wave may be determined and a corresponding first time associated with the first traveling wave may be determined. The IED may receive a second time associated with a second traveling wave value of the transient traveling wave detected by a remote IED. The distance to the remote IED may be known. An estimated fault location may be generated based on the time difference between the first time and the second time. Additional methods of calculating the fault location may also be employed.