Power plant and substation fault recording and dynamic behavior analysis technology for secondary equipment which is based on the recording information, are the important basis to identify the fault cause and to check the validity of acting principle and set value of protection and automation equipment. Fault recorder has become the essential secondary equipment in plant and substation. As the development of intelligent substation technology and the change of primary system fault characteristic caused by renewable energy generating units accessing into grid and the wide application of power electronics equipment, existing fault recorder cannot meet the requirements of power system transient record and intelligent analysis, thus a novel fault record and analysis technology is urgent to develop. Under this background, this paper reviews the main technical features of existing fault recorder, then proposes a novel framework of holographic recorder with full view and all time recording function for future power plant and substation which can support big data based fault analysis need. Finally this paper points out its key technologies and solving ideas.