Starting from the demands of new power systems, this paper explores the role of heat pump energy storage in novel power systems. First, the principles of ultra-high temperature heat pump energy storage system technology are introduced. Next, a simulation analysis model of the ultra-high temperature heat pump system is built using Aspen Plus, and simulation calculations are conducted for key parameters such as outlet temperature, pressure loss, end temperature difference, cold-end heat storage medium temperature, and other design factors. Finally, an economic analysis model is developed to study the sensitivity of system efficiency, thermal storage power, annual operating hours, electricity purchase prices, and other factors on the economic performance of the heat pump energy storage system. The results show that parameters like pressure and temperature have a significant impact on the energy efficiency of the heat pump energy storage system. Notably, the turbine inlet temperature is linearly related to the outlet temperature. Increasing the turbine inlet temperature, reducing system pressure losses, lowering the cold-end heat storage medium temperature, and minimizing the end temperature difference can improve system efficiency. Many factors affect the economic performance of the system, with the top three influencing net profitability being system efficiency, thermal storage power, and annual operating hours. These three factors should be prioritized in system design and optimization. This study provides theoretical guidance for the design and analysis of ultrahigh temperature heat pump energy storage systems in new power systems.