A method for performing diagnostics on a target transformer includes applying a voltage output of a voltage generator to a winding or phase of the target transformer; controlling the voltage generator to output an AC voltage at a first frequency and then a second frequency and measuring first and second excitation currents flowing into the target transformer associated with the first frequency and second frequency, respectively. The method further includes determining an actual excitation current of the target transformer as a function of both the first and second excitation currents, and comparing the actual excitation current of the target transformer to excitation currents associated with one or more benchmark transformers having known electrical characteristics. And when the actual excitation current of the target transformer matches an excitation current of one of benchmark transformers, determining the electrical characteristics of the target transformer to match electrical characteristics of the one benchmark transformer.