A dynamic assessment system for monitoring high-voltage electrical components comprising: at least one on-line sensor adapted to be coupled to one or more electrical components (40a-x), said on-line sensors configured to monitor and collect on-line operating parameter data associated with the operation of the one or more electrical components (40a-x); the system further comprising: at least one off-line database adapted to store off-line operating parameter data associated with the operation of the one or more electrical components (40a-x), wherein said off-line operating parameter data represents the off-line testing of said one or more electrical components (40a-x) and wherein said off-line operating parameter data is acquired when said one or more electrical components (40a-x) are de-energized; at least one off-line data storage system adapted to store historical off-line operating parameter data associated with the maintenance, testing, and operating performance of one or more electrical components (40a-x); and a computer system in operative communication with said at least one on-line sensor, said at least one off-line database and said at least one off-line data storage system, said computer system configured to automatically and continuously correlate said on-line operating parameter data with off-line information wherein said off-line information comprises said off-line operating parameter data and said historical off-line operating parameter data, wherein said computer system generates a dynamic operating assessment or course of action that is associated with each of the one or more electrical components (40a-x), said dynamic operating assessment or course of action based on said correlated on-line operating parameter data and off-line information. at least one on-line sensor adapted to be coupled to one or more electrical components (40a-x), said on-line sensors configured to monitor and collect on-line operating parameter data associated with the operation of the one or more electrical components (40a-x); the system further comprising: at least one off-line database adapted to store off-line operating parameter data associated with the operation of the one or more electrical components (40a-x), wherein said off-line operating parameter data represents the off-line testing of said one or more electrical components (40a-x) and wherein said off-line operating parameter data is acquired when said one or more electrical components (40a-x) are de-energized; at least one off-line data storage system adapted to store historical off-line operating parameter data associated with the maintenance, testing, and operating performance of one or more electrical components (40a-x); and a computer system in operative communication with said at least one on-line sensor, said at least one off-line database and said at least one off-line data storage system, said computer system configured to automatically and continuously correlate said on-line operating parameter data with off-line information wherein said off-line information comprises said off-line operating parameter data and said historical off-line operating parameter data, at least one off-line database adapted to store off-line operating parameter data associated with the operation of the one or more electrical components (40a-x), wherein said off-line operating parameter data represents the off-line testing of said one or more electrical components (40a-x) and wherein said off-line operating parameter data is acquired when said one or more electrical components (40a-x) are de-energized; at least one off-line data storage system adapted to store historical off-line operating parameter data associated with the maintenance, testing, and operating performance of one or more electrical components (40a-x); and a computer system in operative communication with said at least one on-line sensor, said at least one off-line database and said at least one off-line data storage system, said computer system configured to automatically and continuously correlate said on-line operating parameter data with off-line information wherein said off-line information comprises said off-line operating parameter data and said historical off-line operating parameter data, wherein said computer system generates a dynamic operating assessment or course of action that is associated with each of the one or more electrical components (40a-x), said dynamic operating assessment or course of action based on said correlated on-line operating parameter data and off-line information.