There are large number of transient signals will be produced when the operation mode is changed. And the frequency of the transient signals distributed in wide range. The most of them are damped and oscillated. The impedance is a popular feature in power system, and it has been widely used in relay protection and fault location. So the impedance calculation based on the damped sinusoidal signal have been the important way to diagnosis the fault, locate the fault and so on. But the methods used now are based on the fundamental impedance calculation theory, lacking theoretical basis. In fact, the traditional methods for fundamental signal calculation are not appropriate for the quantitative analysis of damped sinusoidal signal. The paper analyzed the impedance calculation based on damped sinusoidal signal, combined the features of damped sinusoidal signals and the traditional impedance calculation method. The two typical signal analysis methods for damped sinusoidal signal extraction are used to calculate the accurate impedance based on the different extraction results. And the analysis laid a foundation for the impedance calculation using damped sinusoidal signals.