I think its a very good concept. We after implementing iec 61850 saves a lots of copper hard wiring. If we can transmit the data through wifi it will even save many communication cables.
Ofcourse i am much concerned about the data security and crtical data availability. We have many connectionaless communication to enhance the critical data availability timely. So do you think the data objects will receive timely through wireless connection? If that work then this is a good concept
As cited by Mr. Anand, IEC 61850 is a very good protocol which is supported by Ethernet communication thereby reducing the copper cables. However, please check with the attenuation and cyber security aspects. As you are trying to transmit the data through WiFi, it is visible to many of the non-professional personnel. There may be an issue with the information leakages also.