To meet the requirements of high-precision, long-distance, and highly dynamic measurements, this article proposes a scheme for absolute distance measurement based on optical frequency combs. Cascaded phase modulators and intensity modulators are used to electro-optically generate a flat-top optical frequency comb. The system offers advantages, including direct traceability, cost efficiency, and reproducibility. Furthermore, a mathematical model is formulated and used to assess the quality of the optical frequency comb generated for use in a multi-heterodyne ranging system. The system is simpler than traditional multi-wavelength measurement systems, and realizes absolute distance measurements by extracting phase information from the synthesized wavelengths of the optical comb. The mathematical model presented herein is used to analyze the noise and uncertainty involved in the system.