A novel fault phase selector by fault component of compensation voltage based on traveling wave is presented for high-speed protection. The compensation voltage is calculated from directional traveling waves by traveling wave transmitting formula on distributed parameters of transmission line. This compensation voltage is used in the fault phase selector. Sampling data of voltages and currents are used directly， hence it has high speed and is suitable for high-speed protection. The principle and algorithm are presented and EMTP simulation proves their correction.