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This paper presents a traveling wave phase component-based fault location method for the two-terminal line. Complex wavelet transform (CWT) is used for the extraction of the traveling wave from fault voltage and current signals at the relay end. The proposed technique uses the phase component of the traveling wave incident at the bus to calculate the fault distance. The method measured the phase component of the traveling wave, and then the phase component is formulated to calculate the fault distance. This is a novel approach to overcome the time synchronization issue. The proposed technique is evaluated for the protection of a two-terminal transmission line. Extensive simulation studies using PSCAD/EMTDC software imply that the proposed approach is reliable. The obtained results show that the calculated fault location is not affected by the fault type, fault resistance.