The transient electromagnetic disturbance generated by arcing discharge between the pantograph and catenary can pose a significant risk to the safe operation of electrified railways. In order to better comprehend its properties, a pantograph−catenary discharge generating device is designed to simulate the discharge phenomenon with moving electrodes in this experimental investigation. The effects of the applied voltage, the gap distance, and the relative motion between the pantograph and catenary on the time- and frequency-domain features of the discharge current and electromagnetic field are investigated. The variation trends of pulse peak current, rise time, pulse repetition frequency, maximum amplitude, and characteristic frequency in the radiation spectrum are retrieved under varying experimental settings, and the effect mechanisms are derived from the physics of gas discharge. A dynamic discharge test is conducted in this study in order to further understand the effect of electrodes’ relative motion on discharge characteristics. The results indicate that lateral sliding motion of the pantograph along the track has a negligible effect on the transient discharge, whereas a faster vertical approaching motion between the pantograph and catenary generates a larger pulse current peak, a steeper rise front-edge, and a higher radiation intensity.