The　application　of　ultra-high-speed　protection　based　on　traveling-waves　or　transient　components　may　mal-operate　in　case　of　lightning　strokes　on　transmission　lines.　This　paper　analyzes　the　spectra　and　traveling-wave　waveforms　of　current　transient　components　and　finds　the　differences　in　energy　distribution　and　waveform.　The　characteristic　differences　are　as　follows:　the　signal　energy　of　short-circuit　faults　and　lightning-induced　severe　faults　mainly　focuses　at　low-frequency　band;　the　signal　generated　by　lightning　disturbance　and　lightning-induced　weak　faults　contains　abundant　high-　frequency　components;　Relative　to　lightning　disturbance　and　short-circuit　faults,　the　chopped　wave　caused　by　lightning-induced　weak　faults　is　obvious.　According　to　these　differences,　the　paper　proposes　a　transient　approach　using　wavelet　transform　to　identify　lightning　disturbance.　EMTP　simulation　tests　indicate　the　transient　approach　is　feasible.