The correctness of relay protection settings is very important, but it is hard to avoid mistakes in manual preparation of notice of settings and manual input device setting value, which brings hidden dangers to the safe operation of power grid. This paper analyzes the process of setting calculation of relay protection, and proposes a method of setting value comparison based on file comparison tool. The scheme of relay protection settings comparison is designed, and the method of establishing typical database of notice of settings and the basic principle and process of relay protection settings comparison are put forward. The relay protection settings comparison rules of line protection, bus protection, breaker protection and transformer protection are analyzed in detail. Based on the document comparison tool Beyond Compare, the scheme of Shandong power grid relay protection settings comparison is designed. By implementing the scheme, the accuracy and working efficiency of Shandong power grid relay protection settings comparison are effectively improved, and the relay protection settings error caused by human error is effectively avoided.