How to select and optimize the evaluation indicators from many characteristic information to characterize the internal insulation condition of GIS equipment, and establish a scientific technical and economic evaluation model of insulation condition is a huge challenge needs to be addressed urgently. Motived by this purpose, this study simulates the deterioration process of four typical insulation defects in GIS to obtain the information of UHF, ultrasound, and SF 6 decomposition components excited by different degradation stages of each insulating defect simultaneously. Moreover, the operating environment conditions, running time, overhaul times, and the residual value of equipment are taken into account. Using the improved minimum-redundancy-maximum-relevance (mRMR) criterion and genetic algorithm, a comprehensive evaluation index system including the 23 evaluation indicators in three categories is established, which covers the PD hazard, SF 6 insulation performance, equipment running time and environment, and residual value. The research lays a foundation for the later construction and application of multi-source information fusion evaluation model of GIS equipment insulation condition considering economic value.