To address the challenge of identifying and understanding hidden dangers in substations from unstructured text data, a novel dynamic analysis method is proposed. This approach begins by analyzing and extracting data from the unstructured text related to hidden dangers. It then leverages a flexible, distributed data search engine built on Elastic-Search to handle this information. Following this, the hidden Markov model is employed to train the data within the engine. The Viterbi algorithm is integrated to decipher the hidden state sequences, facilitating the segmentation and labeling of entities related to hidden dangers. The final step involves using the Neo4j graph database to dynamically create a knowledge map that visualizes hidden dangers in the substation. This method's effectiveness is demonstrated through an example analysis using data from a specific substation's hidden dangers.