In this paper, a novel energy flow analysis (EFA) is proposed based on the signal reconstruction and decomposition to investigate the electromechanical oscillations. In contrast to the conventional EFA, the connection between the proposed EFA and modal analysis (MA) can be quantitatively revealed for arbitrary models of synchronous generators in multi-machine power systems. Firstly, the time-domain implementation (TDI) of the proposed EFA is designed. Specifically, the measurements at the terminal of a local generator are reconstructed through an exponential operator and then decomposed with respect to an angular frequency. Then, the mode-screened damping torque coefficient is defined to extract the damping feature with respect to an electromechanical oscillation mode. After that, the frequency-domain implementation (FDI) is derived. Specifically, the Parseval's Theorem is applied to transform the proposed EFA from the time domain to frequency domain. On this basis, the consistency between the proposed EFA and MA is strictly proved, which is applicable for arbitrary models of synchronous generators in multi-machine power systems. Additionally, the application procedure of the proposed EFA in investigating electromechanical oscillations is given. Finally, the proposed EFA are substantially demonstrated in multiple case studies.