The invention belongs to the electric power system field, and relates to a parameterization identification method of a traveling wave signal. The method comprises the steps: according to the statistical characters of a traveling wave signal, establishing a parameterization model of the traveling wave signal; utilizing an adaptive particle filtering algorithm and an optimization method, estimating the parameter information and time frequency information of the traveling wave characteristics under different fault situations, and extracting the time domain and time-frequency domain association characteristic quantity group being able to comprehensively reflect the characteristics of the traveling wave signal; and performing conjoint analysis on the association characteristic quantity group, extracting the traveling wave traveling wave fault characteristics, and highlighting the fault information, thus accurately and reliably sensing a weak fault traveling wave signal and a complex catadioptric traveling wave signal under the strong electromagnetic interference. The parameterization identification method of a traveling wave signal utilizes the parameterization time frequency analysis method to identify the power grid fault traveling wave, brings forward a novel identification parameter for the traveling wave signal, can effectively improve the reliability and accuracy for identification of the disturbed traveling wave signal, and can provide parameter support for constructing a novel fault traveling wave protection and positioning principle.