A monitoring system for a power grid includes one or more power transformer monitors. Each power transformer monitor includes a plurality of optical sensors disposed on one or more optical fibers that sense parameters of the power transformer. Each optical sensor is configured to sense a power transformer parameter that is different from a power transformer parameter sensed by at least one other sensor of the plurality of optical sensors. An optical coupler spatially disperses optical signals from the optical sensors according to wavelength. A detector unit converts optical signals of the optical sensors to electrical signals representative of the sensed power transformer parameters.