Transformers are the core components of power transmission, and their operating status directly affects the safety and stability of the power system. Once a power transformer malfunctions, it can lead to equipment damage or even power outage accidents, resulting in adverse social impacts and significant losses. The rapid development of smart grids and the rapid advancement of science and technology have put forward higher requirements for monitoring the status of substation equipment. Therefore, it is necessary to conduct online monitoring of the operating conditions of transformers and identify their excitation parameters through effective means to reflect internal abnormalities and faults, in order to avoid the occurrence of malignant accidents.