Electricity generation from renewable energy (RE) sources has not been well utilized in the Kingdom of Saudi Arabia (KSA). KSA has publicized its Vision 2030 renewable energy target to deploy 58.7 gigawatts of RE, paving the way for a low-carbon economy in the country. Renewable portfolio standard (RPS) may play an influential role as a policy instrument to stimulate the RE development and consumption on a large scale and pursue the Vision 2030 objectives. In this study, the renewable portfolio standards policy assessment was carried out to investigate the issues impelling the employment of or plan to adopt RPS. To elucidate the collaborating interaction amongst the multiple stakeholders at different levels in the formulation of renewable portfolio standard, in this assessment study, we used a multi-theoretical approach for examining the policy networks theory (PNT) to inspect the communication links and strategies of different actors who are responsible and involved in KSA policy formulation and enactment. It will help overcome the interaction limitations amongst the actors, contribute to understanding various actors’ behaviors and facilitate RPS development and implementation. In this paper, PNT’s four strategy phases (interaction, agenda-setting, action plan and legislative) are used for RPS development assessment. In this paper, we presented KSA’s overall systematic picture for RPS formulation to adopt and implement it practically for a collaborative relationship between five actors—policy and regulatory bodies, professional bodies, inter-governmental bodies, power producers and social networks—at different levels by using PNT to analyze the interactive relationship amongst actors. This detailed analysis will help KSA overcome the institutional relationship and interaction limitations of the actors in RPS formulation and thereby offer significant success for RE deployment in KSA, while providing viable ideas, procedures and bases for government departments to formulate applicable policies for the renewable energy system efficiently. The evaluation of the communications among major partakers in the policy network field helps to efficiently explicate the hindrances in policy formulation and enactment to make the RPS more effective.