Power transformer condition monitoring is an important topic in both research and practice. However, condition monitoring of power transformer winding clamping system is rarely discussed. As a result, no reliable condition monitoring technique has been developed to assess the condition of power transformer winding clamping system. However, Finite Element Modelling (FEM) based simulations can be utilised to understand the complex behaviour of winding clamping structure under different operating conditions and then acquired knowledge can be used to improve the accuracy of existing condition monitoring techniques. Therefore, this study reviews the research status in use of FEM based simulations in condition monitoring and diagnosis of power transformer winding clamping system.