This paper presents comparative analysis of various acoustic signals expected during partial discharge (PD) measurements in operating power transformer. Main purpose of the paper is to yield relevant and reliable method to distinguish between various acoustic emission (AE) signals emitted by PD and other sources, with particular consideration of real-life results rather than laboratory simulations. Therefore, selected examples of real-life AE signals registered in seven different power transformers, under normal operation conditions, within few years are showed and analyzed. Five scenarios are investigated, which represent five types of AE sources: PD generated by artificial sources, and next four real-life sources (including PD in working transformer, oil flow, oil pumps and core). Several different signal processing methods are applied and compared in order to identify the PD signals. As a result, an energy patterns analysis based on the wavelet decomposition is found as the most reliable tool for identification of PD signals. The presented results may significantly support the process of interpretation of the PD measurement results, and may be used by field engineers as well as other researchers involved in PD analysis using AE method. Finally, observed properties also provide a solid basis for establishing or improving complete classification method based on the artificial intelligence algorithms.