The invention discloses a transmission line oscillation positioning system based on micro inertial measurement combination. The transmission line oscillation positioning system comprises a monitoring center and a pole and tower monitoring host machine which are connected with each other, wherein the pole and tower monitoring host machine is wirelessly connected with at least two wireless inertialsensor nodes; and each wireless inertial sensor node comprises a triaxial acceleration sensor and a triaxial gyroscope. By the method for positioning by adopting the system, the wireless inertial sensor nodes acquire acceleration values and state space angles of a lead wire monitoring point in three directions; the monitoring center processes and analyzes the data of each monitoring point by adopting algorithms, such as Fourier transformation, a least square method, digital filtering, Kalman filtering, matrix coordinate transformation, frequency domain integral operation so as to fit to acquire an oscillation trace of a whole line, and corrects the oscillation line according to a digital model of a relation between an oscillation characteristic value and a micro meteorological condition; therefore, the precision of oscillation monitoring is improved and the most direct and intuitive monitoring of transmission line oscillation can be realized.