To address the limitations of the Debye model and its derived models in effectively capturing the microscopic properties of dielectric materials, this study focuses on the wideband dielectric response of oil-paper insulation and conducts equivalent modelling research. Firstly, the Kramers-Kronig (K-K) transform is applied to extract the independent spectra of the conductivity process, non-dispersive polarization process, and relaxation polarization process within a wide frequency band, clarifying the composition of the broadband dielectric response of oil-paper insulation. Then, based on the spectral analysis results, electrical units are selected to construct the equivalent model. Finally, a method combining the K-K transform with the Grey Wolf Optimization (GWO) algorithm for model parameter identification is proposed. The study demonstrates that under the influence of a wideband alternating electric field, oil-paper insulation exhibits the conductivity process, low-frequency dispersive response, relaxation-peak type response, and non-dispersive polarization process. Based on this finding, the proposed equivalent model for dielectric response effectively characterizes the complex polarization processes of oil-paper insulation, providing the necessary model foundation for the analysis of dielectric responses.