Abstract: Ultra-high voltage (UHV) equipment is a critical component of UHV power grids, and improving its reliability is essential to enhancing grid security and stability. While digital technology offers more efficient means to achieve this goal, it demands close collaboration among grid enterprises, UHV equipment manufacturers, and government. This study establishes a tripartite evolutionary game model involving these key stakeholders and further investigates the impact of multiple factors on collaborative decision-making under dynamic government incentive policies. Results indicate that grid enterprises focus more on the input-output efficiency of digital transformation; equipment manufacturers’ strategies are strongly influenced by the technological level of the equipment. The research provides valuable management insights for the digital transformation of the UHV equipment industry.