This letter proposes a dynamic power splitting scheme (DPSS) for decode-and-forward (DF) based cooperative simultaneous wireless information and power transfer (SWIPT) networks with direct link. The relay node adopts an optimal dynamic power splitting factor determined by instantaneous channel state information (CSI) to harvest energy and process information. The expressions for the optimal dynamic power splitting factor, outage probability and ergodic capacity of the proposed network are derived. Numerical results show that the proposed scheme is better than or the same as the existing PS schemes in terms of outage probability, while it achieves higher ergodic capacity compared to the existing PS schemes.