In order to complete the broadband simulation model of power transformer, and establish a systematic and complete model for studying fast transient interaction between transformer and power system, the frequency dependent characteristics of dielectric losses in power transformer were investigated. Several typical insulation structures in power transformers were considered and measuring techniques determined to study the dielectric losses. Frequency dependent dielectric losses in the range of 10-107 Hz were measured by a dielectric spectroscopy analyzer produced by Novocontrol. The characteristics of insulating papers and pressboard measured in the air and after immersing in the mineral oil were compared. Based on the dielectric relaxation theory, the number of dielectric relaxation was determined according to the measured data, and four typical model functions were adopted to fit the data and the consistency of fitting by these functions were compared and physical explanations of fitting parameters were described. Finally, a quantitative description of frequency dependent characteristics of insulation losses was proposed for improving the transformer simulation model.