The article presents a novel on-line partial discharge (PD) monitoring system for power transformers, whose functioning is based on the simultaneous use of three unconventional methods of PD detection: high-frequency (HF), ultra-high frequency (UHF), and acoustic emission (AE). It is the first monitoring system equipped in an active dielectric window (ADW), which is a combined ultrasonic and electromagnetic PD sensor. The article discusses in detail the process of designing and building individual modules of hardware and software layers of the system, wherein the most attention was paid to the PD sensors, i.e., meandered planar inverted-F antenna (MPIFA), high-frequency current transformer (HFCT), and active dielectric window with ultrasonic transducer, which were optimized for detection of PDs occurring in oil-paper insulation. The prototype of the hybrid monitoring system was first checked on a 330 MVA large power transformer during the induced voltage test with partial discharge measurement (IVPD). Next, it was installed on a 31.5 MVA substation power transformer and integrated according to the standard IEC 61850 with SCADA (Supervisory Control and Data Acquisition) system registering voltage, active power, and oil temperature of the monitored unit. The obtained results showed high sensitivity of the manufactured PD sensors as well as the advantages of the simultaneous use of three techniques of PD detection and the possibility of discharge parameter correlation with other power transformer parameters.