As a most widely applied real-time digital simulation system, real time digital simulation (RTDS) is however quite limited on scale of simulation by the number of hardware purchased. Through frequency-dependent network equivalent (FDNE), scale of simulation of RTDS could be largely increased by frequency equivalent on limited hardware. Based on basic principles of FDNE, function limitations and problem are analysed, taking the Shanghai Sijing district power grid as an example; detailed simulation model and FDNE equivalent module are built, transient characteristics under faults before and after FDNE equivalent are analysed. Furthermore, the fault characteristics of high-voltage direct current (HVDC)-Sijing power grid is also studied, which provides a realistic means for real-time digital simulation of AC–HVDC hybrid power grid with limited hardware of RTDS.