With the rapid development of the power grid and the formation of a large-scale interconnected power grid, power grid characteristics have changed from a regional to a global mode. Power grid operation and dispatching control are data, communication and computing intensive. As a result, a complex network service call relationship and multi-level message transmission process are formed. This brings great challenges to prediction of power grid operational change and operational risk control. The new challenge calls for effective monitoring of the communication bus data interaction process. In this paper, the whole link monitoring and distributed tracing technology framework of the communication bus is proposed. Then the key technologies of service call chain monitoring and message distributed tracing are studied. Finally, the engineering application is introduced. The application of this technology provides comprehensive and intuitive status information for data transmission and interaction with the power grid control system, realizes timely detection of system hidden dangers and accurate tracing of fault causes, and enhances the operational status monitoring and risk control ability of the communication bus of a new generation control system. This work is supported by the Science and Technology Project of the Headquarter of State Grid Corporation of China “Key Techniques Research on Improving Data Quality and Monitoring Reliability of Dispatch Automation Master Station System from Multi Perspectives” (No. 5108-202040021A).