This paper introduces a new microprocessor-based system that is capable of detecting faults via the Traveling Wave (TW) generated from a fault event. The fault detection system is comprised of a commercially available Digital Signal Processing (DSP) board capable of accurately sampling signals at high speeds, performing the Discrete Wavelet Transform (DWT) decomposition to extract features from the TW, and a detection algorithm that makes use of the extracted features to determine the occurrence of a fault. Results show that this inexpensive fault detection system's performance is comparable to commercially available TW relays as accurate sampling and fault detection are achieved in a hundred and fifty microseconds. A detailed analysis of the execution times of each part of the process is provided.