The Optical Fiber Composite Overhead Ground Wire (OPGW) has undergone rapid development and has been extensively applied in the realm of intelligent power system status monitoring. This article conducts research on lightning signal waveform in optical fibers within the context of lightning fault location using the OPGW optical polarization state method. A transmission line model is simulated employing ATP-EMTP to capture electrical characteristics when lightning strikes the OPGW. Subsequently, by employing the Faraday magneto-optical effect principle, electrical signals are transformed into optical polarization states within the internal fibers of OPGW. Using such data, the optical signal propagation characteristics when lightning strikes OPGW are deduced. Finally, a method for discerning between induced lightning and direct lightning strikes through the analysis of time-frequency domain characteristics in OPGW. This method addresses the limitation of traditional OPGW lightning monitoring, which is unable to deduce electrical signals, thus achieving precise identification of lightning-induced transient faults in transmission lines.