The invention discloses an intelligent substation virtual terminal simulation display system which is applied to an intelligent substation which comprises a station level switch, an intelligent substation protection device and a process level switching device. The system comprises a virtual terminal state data acquisition device which is respectively connected with the station level switch and the process level switching device and is used for acquiring all station level MMS protection alarm information of the intelligent substation and acquiring all GOOSE operating states of the intelligent substation, a data analysis module used for calculating simulation state of an intelligent substation virtual terminal, an image processing module used for determining an image of the intelligent substation virtual terminal, and a display device used for displaying an selected image of the virtual terminal. According to the system, under the condition that the intelligent substation is in normal running, the visual display of virtual terminals of a protection device and a secondary system can be completed online, thus an operator can observe the virtual terminals visually, whether an operation is accurate or not can be timely understood, and the reliability of operation is raised.