This paper investigates the impact of synchrophasor estimation algorithms in Under-Frequency Load-Shedding (UFLS) and Load-Restoration (LR) schemes, relying on frequency and Rate-of-Change-of-Frequency (ROCOF) measurements produced by Phasor Measurement Units (PMUs). We compare two consolidated window-based synchrophasor estimation algorithms, as representative approaches based on static and dynamic signal models, with a focus on the appropriateness of utilizing PMU-based ROCOF measurements. The performance of the proposed relaying scheme is assessed by means of a Real-Time Digital Simulator implementing the time-domain full-replica dynamic model of the IEEE 39-Bus power system.