Paper presents definition of a mathematical model describing acoustic emission signals generated by partial discharges occurring in oil immersed electric power transformers. Time runs, power spectral density graphs and spectrograms of acoustic emission signals generated in experiments, performed under laboratory conditions, and of equivalent signals, calculated on the basis of the mathematical model, are presented. Furthermore, results of numerical simulations of acoustic pressure distribution inside a tank filled with insulation oil are presented in the paper. In the center of the tank acoustic emission wave sources were placed, each generating signals described by the model developed.