In order to accurately measure the temperature change of key nodes in a power system, considering the requirements of insulation and electromagnetic compatibility, a temperature monitoring system of power equipment based on a pulse conversion temperature sensor chip is proposed. The system uses radio frequency identification technology for communication. At the same time, the error correction method of the sensor chip is determined by Monte Carlo analysis, and an error correction formula is proposed. Experimental studies are implemented in a switch cabinet to validate the feasibility and effectiveness of the proposed system. The tests show that the system can truly reflect the temperature changes after error correction. As a result, a promising approach is introduced for a temperature monitoring system. This work is supported by Science and Technology Project of State Grid Corporation of China (No. 5400-201918145A-0-0-00).