In order to improve the economy of the power grid traveling wave fault location system, an optimal method of power grid traveling wave fault location equipment (TWFLE) is proposed. First, configuration rules are established under the constraint relationships TWFLE initial configuration, and then genetic algorithm is used to optimize the initial configuration, the solutions of final configuration with the same number are selected based on large redundancy configuration. The configuration process and optimization effective integration process are combined, which can reduce the scope of genetic algorithm optimization and thus improve solution speed. Simulation results show that the optimal scheme can reduce the number of TWFLE without influence on reliability and accuracy of fault location, so it can save investment effectively.