Based on vector spectrum analysis, an analysis method for two-channel vibration signals - vector power spectrum analysis is proposed. Starting from the basic theory of vector spectrum, the conclusion that the sum of the energy of any two channels perpendicular to each other on the same section of the rotor under each frequency response is a certain value, and the representation method of vector power spectrum analysis is given on this premise, and then the AR model in the power spectrum estimation of the parametric model is used to realize the AR power spectrum estimation of dual-channel data integration. Due to the cumbersome calculation process, a simplified algorithm is proposed, and the processing of the two signals can be synchronized with each other, and finally this analysis method is realized by C++Builder 5.0 programming, and its practicality is verified with actual data.