A new method for hybrid non-linear state estimation with phasor measurement unit（PMU） is proposed， in which the direct voltage phasor measurement is transformed into indirect equivalent branch current measurement to conduct the hybrid iteration with SCADA measurement. The indirect measurement errors caused by constructing the equivalent current modification are also analyzed and calculated in detail. The accuracy of the hybrid estimation algorithm is analyzed qualitatively and calculated quantitatively. The theoretic analysis and simulation results demonstrate that the proposed method has higher estimation precision and better performance in convergence time and filtering effect.