The time-domain simulation plays an important role in planning, designing and operation of the power system, but mismatches between its results and the actual system response show that the credibility evaluation of dynamic models is critical in all the above aspects of power systems. This paper discusses the technologies of credibility evaluation, including hybrid dynamic simulation with PMU measurements, error analysis and the calculated indices. Moreover, a phase shift method is presented to implement hybrid dynamic simulation in PSD-FDS. Then the paper proposes a credibility evaluation scheme to provide solution for the evaluation. At last, one sample is used to validate the implementation of hybrid dynamic simulation, while the other sample illustrates the effectiveness of the credibility evaluation approach.