In this article, 1 would like to explore the estimation method of time-varying voltage sags in large industrial systems considering the short circuit contributions of rotating machines. For the power distribution system of KEPCO(Korea Electric Power Corporation), the magnitude of initial symmetrical short circuit current is generally not changed. However, in industrial systems which contain a number of rotating machines, the magnitude of voltage sag is generally changed from the initial to the clearing time of a fault due to the decreasing contribution of rotating machines for a fault current. The time-varying characteristics of voltage sags can be calculated using a short circuit analysis that is considered the time-varying fault currents. For this, the prediction formulations of time-varying voltage sags are proposed using a foreign standard. The proposed method contains the consideration of generator and motor effects. For the test of proposed formulations, a simple system of industrial consumer is used for the comparison conventional and proposed estimation method of voltage sag characteristics.