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When fault occurs in power system, the duration of voltage sag is determined by the fault clearing time of the protection system. In order to describe the duration of voltage sag more accurately, the time characteristic of protection system is considered for stochastic assessment of voltage sag. Based on the traditional assessment model, the mapping relationship between the time characteristic of protection system and voltage sag frequency is established using fault positions method. The proposed method is applied to the IEEE-30 bus test system, simulation results show that the time characteristic of protection system has an obvious influence on the duration of voltage sag, and very serious errors will be produced if the time characteristic of protection system is ignored. The proposed method is simple, adaptive and practical, and it is of academic value and practical foreground.