The invention provides a relay protection fault analysis system based on graphic output and a relay protection fault analysis method based on the graphic output. The method comprises the following steps of calling wave recording files and standard logic diagrams corresponding to the wave recording files from a relay protection device; reading the wave recording data of the wave recording files, and displaying wave recording oscillograms according to the wave recording data; loading the standard logic diagrams corresponding to the wave recording files, and displaying the loaded standard logic diagrams; dynamically deducing the standard logic diagrams according to the wave recording data recorded by the wave recording oscillograms to obtain a deduction result; in the case that the deduction result is consistent with the wave recording data of the wave recording files, displaying the deduction result on a display screen. By applying the system and the method, a standard logic relation graph of relay protection fault analysis can be formed.