This document presents a novel stochastic approach for assessing the lightning performance of overhead transmission lines (OHLs). It combines systematic simulations using an accurate EMTP model of a 110 kV OHL with probability distribution functions obtained statistically. The probabilities of different outcomes, like the number of insulator string flashovers from a direct lightning strike, are calculated. These "stochastic lightning performance characteristics" provide a meaningful way to compare the lightning performance of different OHL configurations. The approach is demonstrated through simulations of a 110 kV line in Ireland that had experienced lightning issues.