In the field of pump impeller studies, tip leakage flow (TLF) and the resultant tip leakage vortex (TLV) significantly influence hydraulic efficiency, cavitation, and noise generation. This paper builds a novel square-cavity jet model combined with Large Eddy Simulation (LES) technology to obtain precise the dynamic properties of the TLV, significantly simplifying the computational resources required for numerical simulations. The novel square-cavity jet model simplifies a single blade channel to a square-cavity, and then adds a longitudinal slit on the top wall of the square-cavity. The analysis of both instantaneous and time-averaged flow fields indicates that the interaction between the main flow and the jet is the primary source of TLV generation. This study successfully captures the formation process of the TLV and accurately reveals its turbulent coherent structures. The evolution of the TLV is divided into three main parts: the first part is the jet slot, predominantly characterized by negative vorticity flow. The second part is the TLV formation, which is mainly composed of significant negative streamwise vortices. The third part is the development of the TLV, where positive and negative vorticities begin to interact, resulting in a more complex overall structure. The entire evolution of the TLV phenomenon starts with a concentrated negative vortex, which, after breakdown, develops at a certain angle to the slot and continuously advances towards the sidewall, ultimately resulting in the formation of a large-scale intermingled group of small-scale positive and negative vortices. This research not only provides a new physical model for investigating the tip leakage phenomenon in axial flow pumps but also offers a powerful tool and methodology for future studies in similar complex flow domains.