A rapid proliferation of inverter-based resources that interface distributed renewable energy resources with the bulk power system is currently underway. The changing grid paradigm with more inverter-interfaced resources poses significant challenges to modern power system protection devices. For OCP, the fault current magnitude is significantly limited and variable due to the inherent current limiting of inverters and the diversity of IBR connectivity during a fault. As a result, OCP devices must intelligently detect and trip fault currents while achieving proper protection coordination in dynamically evolving system topologies. For OVP against high energy transient surge events, such as lightning strikes, semiconductor devices in IBRs that are very sensitive to overvoltage must be protected within a small margin of the nominal ratings. Thus, a new stream of OCP and OVP solutions is needed to provide dynamic, intelligent, and active protection for IBR-dominated grid networks. This research study proposes two new concepts, the IFCM and the iMOV, which are designed to protect such systems in a decentralized fashion to avoid the need for complex, expensive, low-latency communication infrastructure. As a result, the proposed solutions provide robust, scalable, low-cost OCP and OVP solutions for the modern IBR-rich systems.