The application of Internet of Things (IoT) technology in smart grid can effectively integrate grid information resources and realize the refinement and visualization of grid information. At present, the application of the IoT in the power grid is relatively simple, and there is no specific application in the operation monitoring of power grid equipment and power assets management. Aiming at the importance of power transmission and transformation equipment in power grid system and the national strategy of smart grid, this paper studies the status monitoring system of power transmission and transformation equipment based on panoramic data, and introduces the information model into the IoT of power transmission and transformation equipment. According to the equipment panorama information needed by the whole life cycle management of transmission and transformation equipment, a comprehensive panorama information modeling scheme is proposed for intelligent substation equipment, and the performance of monitoring network is analyzed through simulation. This study provides reference for the development of power transmission equipment condition monitoring system in China. This work is supported by Science and Technology Project of China Southern Power Grid Co., Ltd. (No. 090000GS62161590).