A fault indicator for indicating the occurrence of a fault in an electrical conductor is automatically configured for an overhead application or for an underground application. The fault indicator has a housing, a battery, a display for indicating the occurrence of a fault, a current sensor for sensing the load current in a monitored conductor, and electromagnetic field sensor to sense the electromagnetic field about the conductor, and a microcontroller for determining whether a fault condition occurred, for determining the magnitude of the electromagnetic field, and for configuring the fault indicator in the overhead configuration if the electromagnetic field is above a predetermined magnitude or configuring the fault indicator for the underground mode if the field is below the predetermined magnitude. In the overhead configuration, voltage inrush restraint is enabled, the fault response time is set within a range of 1 to 50 ms, and the display is operated in bright or dims modes depending upon ambient lighting levels. In the underground configuration, inrush current restraint is enabled, the fault response time is set within a range of 1 to 24 ms, and the display is operated in only the dim mode. Related methods are also disclosed.