1. A system for configuring an intelligent electronic device, the system comprising a processor: and a configurator for obtaining a target configuration for the intelligent electronic device by processing a baseline configuration of the intelligent electronic device and a delta configuration thereof; wherein the delta configuration is responsive to a target operation of the intelligent electronic device, the target operation being selected from the group consisting of a substation protection operation and a substation control operation; wherein the target operation of the intelligent electronic device depends on the target configuration; wherein the baseline configuration is defined by default parametric values of the intelligent electronic device and the delta configuration is defined by delta parametric values; wherein the delta parametric values are differences between the default parametric values of the intelligent electronic device and respective target parametric values of the target operation; wherein the baseline configuration and the delta configuration each comprises one or more function blocks, wherein the one or more function blocks of the baseline configuration comprise the default parametric values of the baseline configuration, and wherein the one or more function blocks of the delta configuration comprise the delta parametric values of the delta configuration; wherein the one or more function blocks of the baseline configuration and the one or more function blocks of the delta configuration are modeled as object oriented objects; wherein the default parametric values of the baseline configuration and the delta parametric values of the delta configuration are processed for obtaining the target parametric values of the target configuration by performing one or more of: merging at least one function block of the baseline configuration with at least one function block of the delta configuration, modifying the default parametric values of the at least one function block of the baseline configuration responsive to the delta parametric values of the at least one function block of the delta configuration, and replacing the at least one function block of the baseline configuration with the at least one function block of the delta configuration; and wherein said configurator is operably coupled to the intelligent electronic device and configures the intelligent electronic device with the target configuration.