Existing traveling-wave fault location methods highly depend on fault information captured by devices at the terminals of each feeder, and are prone to failure in multi-branch distribution networks due to signal attenuation. To address this issue, a novel traveling-wave fault location method for distribution networks based on fault point virtual mapping is proposed. First, the propagation mechanism of traveling-wave signals in distribution lines is analyzed, and a mathematical model of signal attenuation is established, revealing the failure mechanism of conventional traveling-wave fault location methods and providing a theoretical basis for subsequent device placement strategies. Then, by analyzing the signals collected by traveling-wave locating devices within the effective detection region and constructing a fault branch determination matrix, the fault region is progressively narrowed down. Finally, accurate fault location is achieved. Experimental results show that the proposed method is insensitive to transition resistance, fault type, and variations in network topology. It can still achieve accurate fault location even when most traveling-wave locating devices fail, significantly improving the practical applicability of traveling-wave-based methods in distribution network fault location.