The Covenant of Grace did not exist as an established covenant under the Old Testament era, but it existed in the form of a promise. This is also how they were saved and received God's blessings. Paul says about this time that "if the inheritance comes by the law, it no longer comes by promise; but God gave it to Abraham by a promise" (Gal. 3:18). This inheritance includes the typical land of Canan, the promise of the Gospel (Gal. 3:8-9, 14). The Covenant of Grace/New Covenant being retroactive (influencing or applying to a period prior to enactment) had in it all the faithful before Christ (see for example Heb. 9:15; Rom. 3:25-26 about the retroactive aspect of the New Covenant) or see below. As to questions about covenant membership, people and the like, these will be discussed under the section for the New Covenant.
1689 Federalism vs Westminster Federalism
A very helpful diagram that I found which demonstrates the understanding of Covenant Theology from the perspective of a 1689 Federalist can be found here. The commonalities and differences between 1689 and Westminster Federalism may be illustrated by a helpful diagram which Brandon Adams has made for 1689Federalism.com.
For many, when the question “which is the first covenant that the Bible mentions” is asked, the answer which is given is the Noahic Covenant. In a way, this is understandable, since the first mention of the word “covenant” is found in Genesis 6:18, though I have argued for the Covenant of Works being the first covenant established in time above.
After our first parents disobeyed and broke the Lord’s covenant, they were severed from the fellowship of God and all that is good. God, being merciful and gracious in nature, promised to them salvation in the Offspring from Eve (Gen. 3:15). Now man, being severed from fellowship with His good Creator, has become opposed to Him and to what He represents and has sided with the one who questioned the Lord’s authority in the first place (see chapter 6 on Total Depravity). Man has become totally opposed to God and has become wholly evil by rebelling against their good Creator. About the condition of man, Genesis 6:5 is very negative:
The LORD saw that the wickedness of man was great in the earth, and that every intention of the thoughts of his heart was only evil continually.
The Lord was sorry that He made man on the earth and that man had become so wicked. The Lord wanted to blot out mankind which He had created as very good, but which has sought out many wicked and sinful ways away from Go...