This paper presents a valued-based approach to select system enhancement alternatives based on the proposed system well-being analysis technique. The technique is used to rank the various system enhancement alternatives for an existing HVDC system. The system health states are classified according to three operating states namely, healthy, marginal and at risk. The reliability health indices with various improvement options are calculated for the HVDC transmission. The reliability health indices are then recalculated by including the outages of the generation. The options are then ranked according to their reliability benefits and their costs.