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The windings of a traction transformer are always be threatened by the fluctuation of the load. Frequency response analysis (FRA) is regarded as the most effective method to diagnose the winding deformation. Appropriate FRA modelling method may help to predict typical winding faults for large transformers. The existing model usually simplify dozens of winding disks into several disks, it is applicable when analysing small displacement. However, when the disks between windings are seriously misplaced, the conventional model may not be suitable. This study presents an improved lumped parameter circuit model considering intersection capacitances and mutual inductance between windings. The feasibility of the proposed model is verified based on a 10 kV test transformer. Finally, the model is applied for a 220 kV traction transformer, the variation of parameters and features are analysed for axial displacement of different windings. The results show that the axial displacement may lead to increase of resonance frequency and decrease of amplitude. The low‐frequency band (1–30 kHz) may be regarded as visible features for diagnosing axial displacement of H winding and the middle frequency band (50–200 kHz) may be a characteristic band for diagnosing axial displacement of T winding. [ABSTRACT FROM AUTHOR]