To　address　the　limitations　of　the　Debye　model　and　its　derived　models　in　effectively　capturing　the　microscopic　properties　of　dielectric　materials,　this　study　focuses　on　the　wideband　dielectric　response　of　oil-paper　insulation　and　conducts　equivalent　modelling　research.　Firstly,　the　Kramers-Kronig　(K-K)　transform　is　applied　to　extract　the　independent　spectra　of　the　conductivity　process,　non-dispersive　polarization　process,　and　relaxation　polarization　process　within　a　wide　frequency　band,　clarifying　the　composition　of　the　broadband　dielectric　response　of　oil-paper　insulation.　Then,　based　on　the　spectral　analysis　results,　electrical　units　are　selected　to　construct　the　equivalent　model.　Finally,　a　method　combining　the　K-K　transform　with　the　Grey　Wolf　Optimization　(GWO)　algorithm　for　model　parameter　identification　is　proposed.　The　study　demonstrates　that　under　the　influence　of　a　wideband　alternating　electric　field,　oil-paper　insulation　exhibits　the　conductivity　process,　low-frequency　dispersive　response,　relaxation-peak　type　response,　and　non-dispersive　polarization　process.　Based　on　this　finding,　the　proposed　equivalent　model　for　dielectric　response　effectively　characterizes　the　complex　polarization　processes　of　oil-paper　insulation,　providing　the　necessary　model　foundation　for　the　analysis　of　dielectric　responses.