In this paper, a fault location algorithm is presented, which uses novel signal processing techniques and takes a new paradigm to overcome some drawbacks of the conventional methods. This new method for fault location on electric power transmission lines uses only one-terminal fault signals. The main feature of the method is hat it uses the high frequency components in fault signal and considers the influence of the source network by using a traveling wave propagation characteristics. As a result, we can develop a high speed, good accuracy fault locator.