This paper suggests the advanced reliability assessment tool for railway signaling Hot-Standby sparing system. Existing reliability assessment for Hot-Standby sparing system controller is done by using single module mean failure rate based on approximated Hot standby sparing system function. Although approximated Hot standby sparing system function can be applied to various Hot standby sparing system, however, it is not able to reflect the exact system structure. In this paper, we suggest the advanced reliability function by identifying changeover-related failure factors and common failure mode which is not considered in existing approximated Hot standby sparing system reliability function via developing Hot standby sparing system model for railway signaling and applying FMECA to this model. Also. we compare reliability assessment results for model system to reliability assessment for existing system.