This study aimed to investigate the effects of temperature and aging on the characteristic parameters of dielectric spectra of epoxy resin impregnated paper insulation. A broadband dielectric spectra test platform was established and an equivalent physical model of the valve side dry-type bushing of the converter transformer was developed. Different degrees of thermal aging were performed at 130 °C for 0, 4, 8, 16, and 32 days. In addition, variation of the complex permittivity and dielectric loss factors of epoxy resin impregnated paper at different temperatures and different degrees of aging was revealed. The dielectric spectra test results were fitted using the Havriliak-Negami (HN) relaxation model. The characteristic parameters were extracted, and the influences of temperature and aging on the characteristic parameters of the HN model were analyzed. The results show that in the low frequency range, temperature and aging exert greater influences on the complex permittivity. In the high frequency range, temperature and aging have smaller effect. The relaxation time and temperature satisfy the relationship of the Arrhenius equation, and the relaxation strength increases exponentially with increasing temperature. The relaxation time τ, the relaxation intensity Δε, the shape parameter α, and the shape parameter β can characterize the aging degree of paper insulation. A linear relationship between relaxation and aging times, and an exponential relationship between relaxation intensity and aging time were revealed.