You can do power projects at home and I have. I got really mad once after an interview because a relay manufacturing company was putting so much emphasis on having experience with their relays during a job interview. So, I did this.
1. Bought a SEL relay off of ebay. I got it shipped to my house for 40-50 bucks. No one buys old relays so you should be able to get it cheap. That sounds like a lot of money when you are a student but it really is nothing if you actually use it. If the relay is broke, call up SEL and ask they will fix it. They like to look at old broken relays to get an idea on how to improve reliability. Don't be surprised if they offer to fix your 20 year old microprocessor relay if it is broken. I got a SEL-221 line relay just because it has a lot of functions in it. If you get a GE relay, try to get one that has a lot of functions. All the software you need to set these relays is free. SEL relays are more common than any other brand in the U.S and they are in my opinion the best. You can also find a bunch of white papers at their website that are very good and deal with real world application.
2. Try to find someone that will loan you a relay test set or something like SEL-4000 digital test set for SEL relays. SEL will probably loan you one of these if you ask nicely. The relay test sets that are digital and can run comtrade files can cost 30-60k so don't be surprised if no one loans you one of those. Older relay test sets might be cheap, I don't know. Worst case, you make something yourself to check the single phase functions or if you are clever make your own 3 phase voltage and currents.
3. Play with it and figure out the interface and how to trip it.
Read up Protective Relaying by Blackburn and get a copy of Westinghouse's or ABB's T&D book, and memorize a bunch of ansi numbers and you'll be ahead of most. The only other thing I would is try to get a hold of some software that you can play with to do time over current coordination. If you got a hold of a student or full copy of SKM, ETAP, PSS/E, Powerworld or ASPEN One-Line you could get some experience playing with software used in industry. Matlab has a neat package called Sim Power Systems that is really slick but no one in industry uses it. If you are looking for a class to take on protection, Brian Johnson offers two classes on protection at University of Idaho and Dr.Mork at Michigan Tech has a good protection class. Both are good profs. U of I offers pre-recorded courses if you don't feel like waiting for the class cycle to get to the class you are interested.
For just visualizing sequence components, this is really slick. (
Here is my wikia page that I use to store good references I keep for working in protection.