Stratospheric platforms, commonly known as high-altitude platforms (HAPs), are gaining traction as an economical and sustainable option for diverse applications, including environmental monitoring, surveillance, and communication networks. Tethered HAPs (tHAPs), which remain physically connected to the ground, provide improved stability, a continuous power source, and dependable data transfer capabilities. Analyzing the reliability of these systems as phased mission systems (PMS) is essential, given the multiple operational stages they undergo-such as ascend, primary task, and descend, posing distinct operational demands and challenging environmental conditions. Maintaining reliability throughout these phases is crucial for ensuring both mission effectiveness and long-term operational integrity. This research explores the necessity and practicality of conducting reliability assessments on tethered HAP systems by modeling them as PMS with well-defined stages. A comprehensive evaluation is performed for each phase, accounting for potential risks and operational constraints. Furthermore, a numerical example illustrates the reliability assessment methodology, incorporating Markovian techniques to derive key performance indicators and reliability measures for every phase.