Metering performance is the key parameter of an electronic voltage transformer (EVT), and it requires high accuracy. The conventional off-line calibration method using a standard voltage transformer is not suitable for the key equipment in a smart substation, which needs on-line monitoring. In this article, we propose a method for monitoring the metering performance of an EVT on-line based on cyber-physics correlation analysis. By the electrical and physical properties of a substation running in three-phase symmetry, the principal component analysis method is used to separate the metering deviation caused by the primary fluctuation and the EVT anomaly. The characteristic statistics of the measured data during operation are extracted, and the metering performance of the EVT is evaluated by analyzing the change in statistics. The experimental results show that the method successfully monitors the metering deviation of a Class 0.2 EVT accurately. The method demonstrates the accurate evaluation of on-line monitoring of the metering performance on an EVT without a standard voltage transformer.