Communication protocols play a pivotal role in the substation automation system as they carry critical information related to asset control, automation, protection, and monitoring. Substation legacy protocols run the assets’ bulk data on multiple wires over long distances. These data packets pass through multiple nodes, which makes the identification of the location and type of various malfunctions a challenging and time-consuming task. As downtime of substations is of high importance from a regulatory and compliance point of view, utilities are motivated to revisit the overall scheme and redesign a new system that features flexibility, adaptability, interoperability, and high accuracy. This paper presents a comprehensive review of various legacy protocols and highlights the path forward for a new protocol laid down as per the IEC 61850 standard. The IEC 61850 protocol is expected to be user-friendly, employ fiber optics instead of conventional copper wires, facilitate the application of non-conventional instrument transformers, and connect Ethernet wires to multiple intelligent electronic devices. However, deployment of smart protocols in future substations is not a straightforward process as it requires careful planning, shutdown and foreseeable issues related to interface with proprietary vendor equipment. Along with the technical issues of communication, future smart protocols call for advanced personnel and engineering skills to embrace the new technology.