Hybrid transmission corridors combining overhead lines and underground cables introduce impedance discontinuities that significantly modify electromagnetic transient behavior. These discontinuities generate traveling-wave reflections, waveform distortions, and high-frequency components at relay measurement locations during the first microseconds following disturbance inception. This paper presents a waveform-level electromagnetic transient (EMT) analysis of overhead–cable transition effects using detailed EMTP-RV simulations including frequency-dependent line and cable models, tower representations, grounding systems, and instrument transformers within a differential protection measurement framework. The results show that overhead–cable transitions produce transient waveform modifications characterized by reflections, attenuation, dispersion, and temporary current imbalance mechanisms associated with traveling-wave propagation and cable capacitive effects. The analysis also demonstrates the transient evolution of instantaneous waveform-derived (EMT-derived) differential and restraining current quantities, defined as combinations of terminal current signals obtained directly from EMT waveforms. These quantities do not represent final phasor-domain operating values of practical numerical relays, but provide insight into the transient electromagnetic environment preceding conventional filtering and phasor estimation. The study contributes to a clearer physical interpretation of transient phenomena in hybrid transmission systems and supports EMT-based evaluation of signals relevant to differential protection applications.