A balance wheel to offset output torques and momentums of the gimbals during working was researched to eliminate the influence of movement of an optoelectronic tracking system on the satellite attitude. The balance wheels used in gimbals based on satellites are characterized by starting frequently, changing extensively in velocity and acceleration, and passing zero of velocity, which are quite different from that used to control satellite attitude. Therefore, a new balance wheel was designed based on angular momentum balance principle to meet the requirements of optoelectronic tracking gimbals for acquiring and tracking targets. The model and structure of the balance wheel were analyzed and optimized by finite element methods. Then an electromechanical dynamic model for describing the dynamic characteristics of optoelectronic tracking gimbals with the balance wheels was established, and the simulation for an azimuth rotor was researched by Matlab/Simulink and the reasonable results were presented. To verify the feasibility, a model prototype was developed. Then the experiment method based on an air bearing table was presented and the residual angular momentum was tested. Analysis and test results show that the residual angular momentum has reduced by 96%. The research verifies that the balance wheel can satisfy the application requirements of satellites.