The camera calibration method based on a two-dimensional dot array calibration plate with its ellipse center directly extracted from the target image is not the real projection image point of the circle center. Thus, the accuracy of calibration parameters is reduced by the projection deviation of the circle center. Therefore, this study proposes an iterative calibration method for detecting the real circle center image point by re-projecting the target image back to the spatial virtual matrix. First, planar camera calibration was achieved using the ellipse extraction method. Second, the virtual physical target image was obtained using calibration parameters and captured images for re-projection; moreover, the feature points of the dot center were extracted on the virtual image of the approximate circle. Third, the virtual circle center coordinate values were converted into physical coordinate values and projected onto the image that was used as the coordinate value of the real circle center image point for camera calibration. Finally, high-precision camera calibration was completed via iterative re-projection and calibration. Simulation and experimental results show that the proposed method approximately doubles the camera calibration accuracy and provides high-accuracy camera calibration parameters for three-dimensional reconstruction and visual measurement.