The invention discloses a method for identifying full parameters of an electric element by a fault recording data, comprising steps: inputting fault recording data related to an electric element; conducting data processing on the fault recording data; identifying full parameters of the element by intercepted data and a differential equation of the full parameters of the element; and outputting an identified result. Further proposed are a system for identifying full parameters of a power generator by fault recording data and a method for locating a line fault point with fault recording data. With the implementation of the invention, a fault resistance and full parameters of an element such as an electric line and a transformer, etc. can be identified. The invention can obtain full parameters of a fault element and also a non-fault element, and the parameters precision would be increased from the current 20% to less than 1%.