Frequency response analysis (FRA) is a method of monitoring a power transformer’s mechanical integrity. However, identifying the type of fault and its severity by comparing measured responses is still challenging and mostly relies on personnel expertise. This paper is taking one step forward to standardize the FRA interpretation process by proposing guidelines based on various international standards and FRA case studies. In this study, the FRA signature is divided into three regions: low-, mid- and high-frequency regions. The deviation from the fingerprint signature for various faults is classified into small, large, and no variations, based on the calculation of the correlation coefficient. The proposed guidelines are developed based on the frequency regions, and the level of variation is represented using a simple arrow method to simplify the interpretation process. A case study is conducted on a three-phase 11/0.433 kV, 500 kVA distribution transformer with a short circuit winding fault to validate the proposed guidelines.