This paper presents a new approach for assessing the dynamic reliability in a complex system such as a nuclear power plant. The method is applied to a dynamic analysis of the potential accident sequences which may occur during mid-loop operation. Mid-loop operation is defined as an operation to make RCS water level below the top of the flow area of the hot legs at the junction with the reactor vessel for repairs and maintenance of steam generators and reactor coolant pumps for a specific time. The Idea behind this approach consists of both the use of the concept of the performance achievement/requirement correlation and of a dynamic event tree generation method. The assessment of the system reliability depends on the determination of both the required performance distribution and the achieved performance distribution. The quantified correlation between requirement and achievement represents a comparison between two competing variables. It is demonstrated that this method is easily applicable and flexible in that it can be applied to any kind of dynamic reliability problem.