<p>The increasing adoption of Modular Multilevel Converter (MMC)-based High Voltage Direct Current (HVDC) systems necessitates advanced protection mechanisms to ensure the reliability and security of bulk power transmission networks. Conventional traveling wave protection techniques encounter considerable obstacles, such as heightened sensitivity to electromagnetic interference, issues in fault identification under varying operational conditions, and susceptibility to alterations in line parameters. To address these limitations, this paper presents a dual criterion-based traveling wave protection scheme tailored for two-terminal MMC-HVDC transmission lines. The proposed method leverages enhanced wavelet-based signal processing to mitigate noise interference and employs the amplitude ratio of forward and backward traveling waves to improve fault discrimination accuracy, even under dynamic operational conditions. Extensive simulations in PSCAD demonstrate the scheme’s effectiveness in achieving high-precision fault detection with rapid response times, particularly in scenarios involving high-frequency noise, high-impedance faults (up to 1000 Ω), asymmetrical faults, and frequency-dependent network parameters. Moreover, the suggested technique demonstrates resilience to switching transients, out of zone failures (in proximity to the relay terminal), and load fluctuations—significant problems that conventional methods find difficult to manage. A comparison analysis with conventional methodologies emphasizes considerable gains in sensitivity, dependability, and computing economy, indicating its better performance. This study enhances the resilience of protection systems for contemporary HVDC networks, targeting significant deficiencies in current techniques.</p>