Multistage interconnection networks (MINs) are widely used for reliable data communication in tightly coupled large-scale multiprocessor systems. Reliability evaluation of interconnection networks is still a challenge owing to high complexity. Need of reliability evaluation for MINs is quite evident as these measures provide user-oriented performance. Terminal pair reliability (TPR) is the most commonly used reliability performance index of MINs. This paper provides a global view of different reliability measures and approaches for evaluation of these measures. Based on the critical literature review, shortcomings are identified and analyzed. Then the multi-variable inversion algorithm is applied to evaluate the reliability of one of the most common MINs, namely, Omega network, in a compact form. Terminal, broadcast, and network reliability for the Omega, Omega with an additional stage (Omega+), and Omega with two additional stages (Omega+2) systems are analyzed and compared. Then we extend our work to trace the minimal path sets of various MINs, and terminal pair reliabilities are evaluated and compared.