In this study, we propose a ZEMAX simulation analysis method for laser tracking measurement using a dual-wavelength method to compensate for the refractive index of air. We first develop an energy model for the system using optical elements to transform its polarization characteristics. We then establish an optical-system model based on ZEMAX to analyze the influence of the non-ideal performance of optical elements on the visibility of fringe pattern. The simulation results show that the interference pattern is most obvious when the splitting ratios of the beam splitters in the spectroscopic part of the system, the tracking part, and the receiving part are 2∶8, 6∶4, and 5∶5, respectively. The polarization beam splitters in the optical system have little influence on the visibility of the fringe pattern under non-ideal conditions.