Recently, the Korean government has announced a plan to develop a satellite-based navigation system called the Korean Positioning System (KPS). When designing a new Radio Navigation Satellite Service (RNSS) signal, the use of the S-band has emerged as an alternative to avoiding signal congestion in the L-bands, and South Korea is considering using the S-band with the L-bands. Therefore, this study proposed possible S-band signal candidates and evaluated their performance, such as the radio frequency (RF) compatibility, spectral efficiency, ranging performance, and receiver complexity. Several figures-of-merit (FoMs) were introduced for quantitative performance evaluation for each candidate. Each FoM was calculated using an analytical equation by considering the signal design parameters, such as the center frequency, modulation scheme, and chip rate. The results showed that the outstanding candidate signal was different depending on the signal performance of interest and the reception environments. Therefore, we discuss and summarize the signal performance analysis results considering the whole FoMs together. Under the assumptions given in this paper, the binary phase shift keying (BPSK)(1), sine-phased binary offset carrier (BOC_s)(5,2), and BPSK signals were superior for the spectral efficiency, ranging performance, and receiver complexity, respectively.