Frequency Domain Spectroscopy (FDS) is an effective tool allowing assessing the condition of oil-paper insulation system in power equipment. However, results from these measurements are known to be greatly influenced by various parameters, including insulation aging, moisture content, and insulation geometry/volume, together with environmental condition such as temperature. In this contribution, a series of experiments have been performed under controlled laboratory conditions. The dielectric response of the oil impregnated paper, along with the degree of polymerization and moisture content, were monitored. Since dielectric parameters are geometry dependent, poles (independent of the geometry) which depends on resistivity and permittivity, were considered to assess the condition of the insulation. From the investigations performed on new and aged samples, it is shown that poles (P) can be regarded as insulation aging indicator. It is also shown that a per unit value based on the Dielectric Dissipation Factor (DDF), measured in the frequency range from 1 to 1000 Hz can be correlated to moisture content in the insulation paper.