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In recent years, the application of wireless sensor networks (WSN) in power systems has received a great deal of attention. As we all know, the most important issue for the power system is security and stability, especially due to the massive outages caused by cascading trips. Therefore, in today’s era, from the perspective of cascading trips, how to effectively use WSN to analyze and evaluate the security level of the power grid is an important direction for future power development. In this paper, an algorithm based on the WSN collection of online data to calculate the corresponding security level of the system is proposed for the cascading trip phenomenon, to achieve the online evaluation of the cascading trips. First, this paper proposes a hybrid layered network structure based on WSN for monitoring system and details the acquisition of power grid parameters by its acquisition layer. Secondly, combined with the manifestation of cascading trips and the action equation of current-type line backup protection, the mathematical representation of the grid cascading trips is given, and the mathematical form corresponding to the critical situation is strictly proved, and an index for evaluating the security level of the power grid is proposed and then further combined with the actual physical constraints of the power grid and the establishment of a mathematical model for calculating the security level of the grid cascading trips. For this model, this paper relies on evolution particle swarm optimization (EPSO) to give specific ideas for solving the model. Finally, a case analysis is performed by the IEEE39 node system and the results of the case show the effectiveness of the model and method.