If failure rate and repair rate of all the components of power system network (containing both parallel and series combination) is known then how to evaluate reliability indices analytically?
In this case, you can calculate the reliability of series-parallel combination of the system similar to calculating the equivalent capacitor of a series-parallel combination of the capacitors.
for parallel systems.
1/Req=1/R1+1/R2+ . . .
for series systems;
Req=R1+R2+ . . .
for a series-parallel system the above-mentioned relations can be useful.
This book can be useful.
Reliability Evaluation of Engineering Systems: Concepts and Techniques
It really depends on the size of the system and what reliability indices you require. See https://www.sciencedirect.com/science/article/pii/S0951832016300163 for a summary of available approaches, with their merits and demerits.