That wouldn't be a protest vote because it wouldn't result in any change of government policy.
A protest vote is intended to nominally support a change in government policy, even if the change were bizarre or surreal. A protest vote is cast for a fringe party with confidence that the policy will never come to pass, and it serves as a signal to the main parties of just how many votes are up for grabs if they improve their policy.
Anyway, the sort of protest you are thinking of does exist in some jurisdictions, including, for example, Canada. Voters are enabled by the Elections Act to "refuse" a ballot on the grounds that none of the candidates is suitable, and refusals are reported in the results.
http://en.wikipedia.org/wiki/Refused_ballot
But the other kind of protest vote exists in every electoral system on the planet as people review their choice of candidates, and it is not a function of electoral law, but of human electoral behaviour.
Here is some reporting on the phenomenon.
http://www.nytimes.com/2013/07/09/business/global/09iht-inside09.html?pagewanted=all&_r=0