Abstract: A system and method for assessing and modeling operation of a transformer includes a controller connected to a power transformer. The controller is configured to calculate theoretical information related to operation of the power transformer, assess information related to actual operation of the power transformer, and manipulate one of more parameters associated with one or more equations used to calculate the theoretical information so that the calculated theoretical information more closely approximates the information associated with the actual operation of the power transformer. In a preferred embodiment, the controller is configured to automatically manipulate the parameters associated the theoretical calculation of operation of the power transformer although the controller may also be configured to request user confirmation of manipulation of one or more of the parameters of the equations associated with the theoretical calculations related of expected actual operation of the power transformer.