The DC transmission line traveling wave protection schemes of Siemens and ABB are the most widely used at home and abroad which have low transition resistance tolerance ability and internal and external area fault distinguish degree. The principles and criteria of traveling wave protection of Siemens and ABB are introduced. The two protection models are built using the Yun-Guang UHVDC project parameters. The performances of both protections are analyzed and compared through simulation from the transition resistance, fault distance, internal and external area fault, line coupling. The results show that, the fault resistance endurance ability of ABB protection is higher than that of Siemens. Both Siemens and ABB protections can increase the distinguish degree of internal and external area fault by using change rate criteria. Siemens protection can use the variations for fault line selection. ABB protection can use the ground wave change rate for fault line selection. Aiming at the existing defects of traveling wave protection schemes, the improved scheme is put forward based on the existing criteria.