Fiber optic sensing technology has been widely used for acoustic emission (AE) measurement in aerospace and geotechnical engineering due to the advantages of immunity to electro-magnetic interference, high accuracy, and multiplexing capacity. As for the fiber Bragg grating based on AE measurement system, traditional efforts have been made to study the spectra of Fiber Bragg Grating under AE signal. While this paper focused on phase-shifted fiber Bragg grating (PS-FBG) which is a new type fiber Bragg grating, and investigated the spectra of under dynamic strain field generating with an AE signal. A dynamic strain sensing model of PS-FBG was built based on the transfer matrix theory, and a cosine exponential attenuation function was utilized to simulate the dynamic strain field. Then the effects of amplitude, sampling time, exponential attenuation coefficient, frequency and wavelength of AE signal on the spectra of PS-FBG were studied in detail using numerical simulation. The result demonstrate that the spectra of PS-FBG changes periodically with frequency and different sampling time, especially the peak wavelength of the transmission window in the PS-FBG spectrum shifts periodically; and the increase of amplitude mainly contribute to more harmonic peaks in the reflected spectrum. The attenuation coefficient affects the spectrum of PS-FBG within certain range. And the AE wavelength affect the spectrum of PS-FBG when it is between 0.1 to 2 L, beyond the range, the spectrum of PS-FBG has minor variation with the AE wavelength. Finally, dynamic strain experiments were conducted, and the spectrum of PS-FBG under continuously vibration signal with different amplitude and frequency were logged for analysis. The experimental results agree well with simulation, which indicate that under different dynamic strain fields generated by AE signal, the spectra of PS-FBG are different, while the variation of spectra follows certain laws. This paper provides theoretical support for the AE measurement system on the basis of PS-FBG.