The fundamental voltage, current, and phase angle are required for a wide variety of power system applications. An algorithm that is capable of calculating or estimating these quantities in real time, in the presence of distorted waveforms, finds application in diverse areas of power systems. Techniques to detect voltage sag include the root mean square (rms), Fourier transform, and peak voltage detection methods. The problem with these methods is that they use a windowing technique and can therefore be too slow when applied to detect voltage sags for mitigation since they use historical data. Recent work in the field of signal processing has led to an algorithm that can extract a single non-stationary sinusoidal signal out of a given multi-component input signal. The algorithm is capable of estimating the amplitude, phase and frequency. In this paper, the algorithm is compared to existing methods of sag detection