On-line monitoring of the transformer winding using electromagnetic waves has recently been proposed for the detection of mechanical defects of transformer winding. In this paper, a new method, which uses the UWB radar measurement results and is based on locus of objects in the space, is proposed for the three-dimensional positioning of transformer winding radial deformation location. The proposed experimental set-up for this method named "Hyperboloid method" is modeled using CST (Computer Simulation Technology) software. In this paper, Vivaldi antennas suitable for measurements in environments with multi-path, are used and the analysis is performed in the time domain. The simulation results show that the exact threedimensional location of the radial deformation can be detected with a good accuracy.