Im assuming your talking about a dry-type transformer under 600v.
Your answer lies in 110.26. Specifically 110.26(A)(1). 110.16 is also important.
The key phrase in this section is "examination, adjustment, servicing, or maintenance while energized".
All new transformers I have run across are labled with something like, " de-energize before working on " The manufacture is telling you not to examine, adjust, service, or maintane while energized. This being the case 110.26 would not apply to transformers of this type.
If you are talking about transformers over 600v the rules change, and I am not experienced enough to give a good answer about working space as it applies to transformers over 600v.
hope I was some help
ibew441dc