When light passes through air–glass and glass–water interfaces, refraction occurs, which affects the accuracy of stereo vision three-dimensional measurements of underwater targets. To eliminate the impact of refraction, we developed a refractive stereo vision measurement model based on light propagation paths, utilizing the normalized coordinate of the underwater target. This model is rigorous in theory, and easy to understand and apply. Additionally, we established an underwater simulation imaging model based on the principle that light travels the shortest time between two points. Simulation experiments conducted using this imaging model verified the performance of the underwater stereo vision measurement model. The results demonstrate that the accuracy achieved by the new measurement model is comparable to that of the stereo vision measurement model in the air and significantly higher than that of the existing refractive measurement model. This is because the light rays from the camera’s optical center to the refraction point at the air–glass interface do not always intersect. The experiments also indicate that the deviation in the refractive index of water lead to corresponding systematic errors in the measurement results. Therefore, in real underwater measurements, it is crucial to carefully calibrate the refractive index of water and maintain the validity of the calibration results.

There has been substantial research on multi-medium visual measurement in fields such as underwater three-dimensional reconstruction and underwater structure monitoring. Addressing the issue where traditional air-based visual-measurement models fail due to refraction when light passes through different media, numerous studies have established refraction-imaging models based on the actual geometry of light refraction to compensate for the effects of refraction on cross-media imaging. However, the calibration of refraction parameters inevitably contains errors, leading to deviations in these parameters. To analyze the impact of refraction-parameter deviations on measurements in underwater structure visual navigation, this paper develops a dual-media stereo-vision measurement simulation model and conducts comprehensive simulation experiments. The results indicate that to achieve high-precision underwater-measurement outcomes, the calibration method for refraction parameters, the distribution of the targets in the field of view, and the distance of the target from the camera must all be meticulously designed. These findings provide guidance for the construction of underwater stereo-vision measurement systems, the calibration of refraction parameters, underwater experiments, and practical applications.