1. A method of classifying an event in an electrical grid having a busbar system with a plurality of feeders and a plurality of intelligent electronic devices monitoring at least a portion of the feeders, wherein the method comprises: obtaining individual event related data from the plurality of intelligent electronic devices, receiving, via an input unit, said individual event related data from the plurality of intelligent electronic devices over a communications network, arranging in a data structure, in real-time as the individual event related data is processed via a processing unit, classes of probability values pertaining to the individual event related data received from the plurality of intelligent electronic devices, that according to a first class the event is an adjacent monitoring zone fault and that according to a second class the event is an adjacent monitoring zone non-fault, or that according to a third class the event is a primary monitoring zone fault and that according to a fourth class the event is a primary monitoring zone non-fault for each intelligent electronic device, a primary monitoring zone of an intelligent electronic device being a monitoring zone which that intelligent electronic device is assigned to monitor and an adjacent monitoring zone of an intelligent electronic device being a monitoring zone that is not a primary monitoring zone for that intelligent electronic device, selecting in the data structure, via the processing unit, a highest probability value from each of the first class and the second class, or each of the third class and the fourth class, for each intelligent electronic device, determining, via the processing unit, a respective total probability that the event belongs to the first class based on the highest probability values from the first class, that the event belongs to the second class based on the highest probability values from the second class, that the event belongs to the third class based on the highest probability values from the third class, and that the event belongs to the fourth class based on the highest probability values from the fourth class, determining, via the processing unit, whether the event is a fault or a non-fault based on the total probabilities of the first class, the second class, the third class and the fourth class, and applying a result of the determination of whether the event is a fault or a non-fault in controlling a protection system in real-time to initiate mitigation actions for restoring power in response to the event.