The invention provides a relay protection monitoring system and a method thereof. The system comprises a network communication module which acquires the message information of a relay protection device through a network, a data processing module which is connected with the network communication module, receives the message information, and analyzes the message information to obtain virtual circuit monitoring data, and a calculation module which is respectively connected with the network communication module and the data processing module, receives the virtual circuit monitoring data, calculates the virtual circuit monitoring data according to a preset protection loop algorithm, judges whether the protection virtual circuit of the relay protection device is abnormal or not according to the calculation result, and sends the judgment result to the network communication module. According to the system and the method, the online monitoring of the protection virtual circuit of the relay protection device is realized through the system, thus the monitoring personnel can carry out the corresponding processing according to the judgment result, and thus the safe operation of intelligent substation equipment is ensured.