With the deep integration and wide application of advanced digital sensing, Internet of Things technology, and energy technology in power systems. Power information systems and physical systems are gradually being coupled and developed into power cyber–physical systems (CPS). A number of blackouts in recent years have shown that cyberspace cyber attacks on CPS can lead to the intensification and rapid spread of faults in the physical space of the power grid, and even system collapse. Aiming at the difficulty of analyzing the evolution of cyber–physical cross-space impacts of cyber-attacks, this paper proposes a cross-domain propagation impact assessment method that considers cyber–physical coupling risks caused by attacks. First, according to the multiple coupling relationship between the power system information space and physical space, the monitoring function model and the control function model are established. Second, under the effect of high-concealment attack, analyze the impact of the risk caused by its failure after it is transmitted to the physical space with different propagation probabilities. Finally, the experimental verification was carried out using the IEEE RTS79 standard test system. The simulation results show that the proposed method can comprehensively consider the cyber–physical energy supply coupling relationship, the risk propagation probability, and the operating characteristics of the information system, and effectively quantify and evaluate the impact of information space network attacks on the physical space entity power grid. It further reveals the objective law that information space risks can evolve and spread across domains under the condition of strong coupling of information physics.