To achieve the broadband applicability of standard voltage transformers in “dual high” power systems, an equivalent circuit model of the standard voltage transformer is first established. Using the complex magnetic permeability method and utilizing existing core parameters, the excitation impedance values are obtained. Next, based on the equivalent circuit model, the no-load error function of the standard voltage transformer is analyzed, and through simulation, the no-load error response curve of the standard voltage transformer in the frequency range of 20 Hz to 3000 Hz is derived. The simulation results indicate that within the 20 Hz to 700 Hz range, both the no-load ratio error and the no-load angular error meet the accuracy requirements, with the ratio error within ±0.05% and the angular error within 2′. Additionally, the derivation of the error transfer function demonstrates the correlation between the no-load error values and the number of turns and cross-sectional area of the standard voltage transformer. Simulation results, obtained by increasing and decreasing the number of turns and cross-sectional area by 10%, provide valuable insights for the error compensation and structural design of standard voltage transformers.