Abstract As the penetration rate of wind power and other renewable energy sources increases, power systems are more prone to experiencing multiple component failures, known as N-k contingency Identifying and then closely monitoring and protecting critical components during N-k contingency can effectively prevent widespread cascading failures. The primary task in identifying critical components is to model the power system; A refined model better captures the time-varying characteristics of electrical components. Therefore, a dynamic model of line power flow decay and oscillation based on swing equations is established; it introduces time-varying saturated cut-set and transfer margin indices to identify critical lines. Simulations on the IEEE-118 nodes system, along with MATCASC cascading failure simulations, demonstrate that targeting identified critical lines as deliberate attack points in the grid results in a normalized remaining load demand decrease to 50% of the original.