Abstract: With the development of low-voltage distribution networks from traditional manual operation and maintenance to intelligent operation and inspection, intelligent operation and inspection technology has become a critical component for low-voltage substations. However, due to the lack of comprehensive substation topology data, intelligent operation and inspection functions—such as low-voltage fault location and active repair, as well as abnormal monitoring and treatment of user line losses—have not been effectively implemented. Accurate topology identification has remained a significant obstacle. Therefore, it is recommended to adopt station fusion terminal devices or Pearson correlation techniques for substation topology identification. This paper takes the intelligent fusion terminal as the core, which communicates with users’ smart meters via carrier technology. Based on voltage information collected from smart meters, algorithms are then used to analyze the voltage relationship between any two meters to determine whether they are connected to the same meter box. By filtering out interference factors, the accuracy of topology identification can be improved. Finally, results from practical experiments are used to demonstrate the applicability and feasibility of the proposed technology, and suggestions are provided for the future development of topology identification methods.