Due to the large-scale reforming of the Russian economy, the scope of transformations of the regional level does not lose relevance for many years. As generalization of results of domestic and foreign methods of research of transformations in the economy showed, application of institutional approach in this direction is limited to difficulties of terminological character. For their overcoming, the concept of institutional conditions is specified in the paper. Value of these conditions for economic growth and development of the region is shown. In the paper, the special attention is paid to a problem of forming the system of indicators for operational use of institutional approach in the economy of a region. The system of indicators of institutional transformations described in the paper is intended for operational use of quantitative estimates in the regional economy. The system of indicators is made by two complementary blocks - socio-economic and institutional. Indicators of the socio-economic block adumbrate about the economy of a region, about its potentials, illustrate a region place in national economy. The information base for assessing the existing conditions in the regional economy for the implementation of available opportunities is the institutional block, which contains indicators of the quality and efficiency of institutions. The use of the offered system of indicators will allow not only receiving the results having the high practical importance in the field of regional economic management, but also using them at further creation of macroeconomic models.