This paper presents a technique to evaluate the degree of reliability well-being of HVDC transmission systems. The system well-being is categorized in terms of power system health and margin in addition to the conventional risk index. A hybrid approach is presented to determine the well-being indices for HVDC transmission systems. Two performance indices designated as the healthy performance index and the total system performance index are used to describe the load carrying capability and degree of power system well-being. The technique is illustrated by application to a simple hypothetical configuration and two practical HVDC power systems.