Traveling wave (TW) fault location technology has been widely used in transmission systems due to its high accuracy and simplicity. Recently, there has been growing interest in applying this technology to medium voltage (MV) distribution lines. However, current practices in its deployment, signal measurement, and threshold setting are usually from the application experiences in transmission lines, despite significant differences in fault-induced wave characteristics between transmission and distribution systems. To address these issues, this paper investigates the feasibility and applicability of TW fault technology in MV overhead distribution lines through characteristic analysis of fault-induced TWs. The propagation characteristics of aerial mode and zero mode TWs on overhead distribution lines are studied. Furthermore, it evaluates the influence of critical distribution network components including distribution transformers, multi-branch configurations, and busbar structures on wave propagation characteristics. Deployment strategies for traveling wave fault location (TWFL) devices is proposed to address the unique challenges of distribution networks, while the fault location method is also improved. Field test results demonstrate the effectiveness of the proposed methodology, showing improved fault detection accuracy and system reliability in distribution network applications. This research provides practical implementation suggestions for TWFL technology in distribution networks.