Snow plays an important role in the water cycle and global climate change, and the accurate monitoring of changes in snow depth is an important task. However, monitoring snow properties is still challenging and unclear, particularly in the Tibetan Plateau, which has rough land and uneven terrain. The traditional monitoring methods have some limitations in monitoring snow depth changes, and the Global Navigation Satellite System-Reflectometry (GNSS-R) provides a new opportunity for snow monitoring. This paper employed data from the Cyclone Global Navigation Satellite System (CYGNSS) to discover the effect of snow properties. Firstly, the observations of CYGNSS were used to find the sensitive to snow properties, and the relationships between signal to noise ratio (SNR), leading edge slope (LES), surface reflectivity (SR), and snow depth were studied and analyzed, respectively. It is found that the correlation between the first two parameters and snow depth is poor, while SR can indicate the changes in snow depth, and is proposed as an indicator of SR change, namely, surface reflectivity–difference ratio factor (SR–DR factor). Furthermore, the long-time series data in the Tibetan Plateau (2018–2019) are used to analyze its effects on the time series of the SR–DR factor, while the influences of the soil freeze/thaw (F/T) process and soil moisture are excluded during the analysis. The results indicate that the SR–DR factor can be a good indicator and discriminator for snow depth. Our work shows that space-borne GNSS-R has the potential for the monitoring of snow properties.