This paper presents extensive verification, sensitivity, and application studies for an online substation grounding grid condition monitoring method proposed in a companion paper. The studies are conducted using a realistic substation grounding grid and associated feeder configurations commonly encountered in North America. The verification studies confirm that the proposed method is able to estimate the substation grounding impedances with acceptable accuracy. Main factors impacting measurement accuracy are identified and quantified through sensitivity studies. The findings lead to a guide for the implementation and operation of the proposed method. An application case is presented to demonstrate how the gradual deterioration of substation grounding grid can be monitored using the proposed method.