Modal parameters of power transformer winding are closely related to the vibration feature, dynamic optimal design and winding vibration fault diagnosis. Consequently, it is of importance to accurately identify the modal parameter of power transformer winding. In the paper, the complex Morlet wavelet is applied to analyze the free vibration signal according to the results of the axial excitation experiment of some 10kV power transformer winding. The improved Crazy Climber algorithm is designed and presented to extract the wavelet ridge of time-frequency spectrogram. Then the first four natural frequencies and its corresponding damping ratio are obtained successfully. The calculated results are also compared with the identification results calculated by the frequency domain identification method of PolyMAX which is currently widely used to illustrate the effectiveness of the proposed method. It is shown that the proposed method can accurately identify the initial fourth order natural frequency, and the distribution of signal energy with time and frequency can be displayed more clearly. Furthermore, It is illustrated that the proposed method has strong anti-interference feature and could be applied effectively to identify the modal parameters of power transformer winding.