There are two main factors influencing the accuracy of traveling wave fault location, namely the accurate detection of singular points of traveling wave signal and determination of traveling wave velocity. From the second singular value decomposition component signal, each signal has the singularity detection ability when Hankel matrix is used, by this method, the signal singularity is detected. A new two-terminal fault location method, which is not affected by traveling wave velocity, is proposed. By determining the arrival time both the fault initial traveling waves and the reflected wave from the point of failure reaching both ends of bus bar, the equations are written and the fault location formula unrated to wave speed is obtained. EMTDC simulation proves the correctness of this method.