A method and a system for fault diagnosis with small samples of power equipment based on virtual and real twin spaces are disclosed, which belong to the field of fault diagnosis of power equipment. The method includes: test samples containing different locations, types and severity levels of fault of power equipment are acquired to form a real physical space; a virtual mirror space is acquired by simulation according to a simulation model of the equipment to be diagnosed; the training set in the real physical space is spatially integrated with the sample set in the virtual mirror space to obtain a training sample set in the twin spaces; the training sample set in the twin spaces serves as the supplement to the training set in the real physical space, and the fault type and fault location serve as diagnostic labels to be input to the deep neural network for training.
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