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For the development of a ldquoshort-duration AC withstand voltage testrdquo, an insulation specification of substation equipment, there is a precise method of reliability evaluation using a Weibull distribution function. Regarding this method, there remains a subject of handling coexistence of multiple voltage levels. This paper first defines the two reliability evaluation methods, ldquoindependence methodrdquo; and ldquoaccumulation methodrdquo, applying to Weibull evaluation for coexistence of multiple voltage levels in relation to their physical meanings. Next, the influence of the Weibull parameter values are examined on the cumulative fault probabilities and test voltages calculated using these methods. When the time shape parameter a>1, the accumulation method gives higher values than the independence method; When a=1, the two methods give the same values; When a<1, the former gives lower values than the latter. Then, appropriate reliability evaluation methods are investigated for various insulation media and insulation structures of substation equipment from the viewpoint of inception and development mechanisms of dielectric breakdown and partial discharge. According to the result of engineering evaluation of the presently available data, the independence method may be appropriate for both gas insulated switchgear and oil-immersed transformers.