The harmonic equivalent model of electromagnetic voltage transformer (TV) and simplified analysis for this model is introduced in this paper, and the causes of ratio error and angle error of TV are analyzed on the basis of the simplified circuit. The simulation model is established based on its equivalent circuit to calculate its ratio error and angle error under different frequency through the simulation calculation, and change its parameter to explore the influence on measurement error when parameter changes. The physical test platform is designed, and the correctness of theoretical analysis and simulation experiment are verified by physical test. Results of simulation and physical test show that the harmonic measurement error will increase when measuring the harmonic with higher frequency, and the ratio error and angle error cannot meet the accuracy requirements.