Component failures in a transmission network can lead to serious consequences and impact system reliability. The operational health of the transmission assets plays a crucial role in determining the reliability of an electric grid. To achieve this goal, scheduled maintenance of the bulk power system components is an important activity to secure the transmission system against unanticipated events. This paper identifies critical transmission elements in a 500 kV transmission network utilizing a ranking strategy. The impact of the failure of transmission assets operated by a major utility company in Southwest United States on its power system network is studied. A methodology is used to quantify the impact and subsequently rank the transmission assets in decreasing order of their criticality. The analysis is carried out on the power system network using a node breaker model and steady state analysis. The ranked list of transmission assets will enable asset managers to identify the assets that have the most significant impact on the overall power system network performance. Therefore, investment and maintenance decisions can be made effectively.