A method and system for condition monitoring electrical equipment includes detecting partial discharge impulses generated in the electrical equipment for at least one power cycle; obtaining first data representing the detected partial discharge impulses for the at least one power cycle; obtaining second data by phase-resolving the first data; obtaining third data by regularizing the second data; analyzing the third data into a first component and at least one second component; obtaining phase information of the first component; shifting the first component and the at least one second component in consideration of the obtained phase information; and generating a signal indicating a health state of the electrical equipment by comparing the shifted first and second components of the third data with their counterparts associated with an unhealthy electrical equipment.