This paper introduces for the first time, to our knowledge, a framework for physics-informed neural networks in power system applications. Exploiting the underlying physical laws governing power systems, and inspired by recent developments in the field of machine learning, this paper proposes a neural network training procedure that can make use of the wide range of mathematical models describing power system behavior, both in steady-state and in dynamics. Physics-informed neural networks require substantially less training data and can result in simpler neural network structures, while achieving high accuracy. This work unlocks a range of opportunities in power systems, being able to determine dynamic states, such as rotor angles and frequency, and uncertain parameters such as inertia and damping at a fraction of the computational time required by conventional methods. This paper focuses on introducing the framework and showcases its potential using a single-machine infinite bus system as a guiding example. Physics-informed neural networks are shown to accurately determine rotor angle and frequency up to 87 times faster than conventional methods.