Abstract: As the penetration of distributed PV power systems continues to increase, the dynamic characteristics of the distribution network are jointly dominated by loads and distributed PV. A dynamic equivalence method for the distribution network that integrates the dynamic characteristics of loads and distributed PV power systems is proposed to provide rapid and reliable simulation data support on the grid side. The first step in establishing a generalized load model for the distribution network involves connecting the electromagnetic transient model of PV, which takes the phase-locked loop control link into account, to the virtual load bus of the integrated load model. Then, simulation experiments are carried out on the MATLAB/Simulink platform to determine the key parameters in the generalized load model by using the parameter trajectory sensitivity analysis method. Subsequently, the distribution network equivalence model is obtained based on the parameter identification method. The calculation results indicate that in comparison to the traditional load modeling approaches, the proposed method offers a more precise description of the dynamic characteristics of the distribution network following the access to a high proportion of distributed PV power generation systems. This provides an effective theoretical basis for the operation planning of the power grid.