In recent years, ultra-wideband (UWB) systems have been proposed for online monitoring of power transformers. This study aims at a new UWB-based method to determine the axial displacement (AD) extent in the transformer high-voltage (HV) winding. In the proposed design, two receiving antennas and one transmitting antenna are used. Two receiving antennas receive signals at two different positions due to axial displacement occurrence, and the displacement extent is determined using an analytical method known as hyperbolic method, which is based on signals time difference of arrival. The proposed method is initially studied by simulations using computer simulation technology software. Finally, the experimental results show the effectiveness of the proposed method to detect the AD extent in an actual transformer winding.