The magnetohydrodynamics (MHD) model of the alternating current (AC) arc is complex, so a simplified equivalent heat source (EHS) model can be used to replace the complex model in studying the AC arc's thermal characteristics and cable fire risk. A 2D axisymmetric AC arc MHD simulation model in the short gap of a copper-core cable is established in this paper. The AC arc voltage and current obtained by the model are consistent with experiments. The AC arc's heat source distribution obtained by the MHD model is fitted to obtain the heat source function Q of the AC arc. Q is divided into 16 independent segmented heat sources, and a correction matrix is constructed to optimize the segmented heat sources. A neural network and a genetic algorithm give the prediction model and the optimal correction matrix of the segmented heat source. The EHS model optimized by the optimal correction matrix can obtain a minimum temperature error of 5.8/4.4/4.2% with the MHD model in different AC arc peak currents 2/4/6 A. The probability of a cable fire is calculated by using AC arc's optimized EHS model when different numbers of AC arcs are generated randomly in AC half-waves. The EHS model can replace the complex MHD model to study the thermal characteristics of AC arcs and quickly calculate the probability of a cable fire caused by random AC arcs.