The airborne corner reflector (ACR), a novel radar passive jamming device, has attracted increasing attention from researchers worldwide due to its enhanced interference coverage when suspended by a parachute. However, the directional nature of ACRs renders their effectiveness highly sensitive to in-flight attitude dynamics. By analyzing the parachute body and the corner reflector separately, we propose an improved dynamic model to describe the parachute–payload system. Key innovations include the following: (i) by introducing an 11-degree-of-freedom model for motion analysis of the parachute-mounted double-pyramid octahedron structure, the issue of imprecise analysis in previous methods has been overcome; (ii) explicit modeling of tether tension and geometric constraints is undertaken to capture the parachute–payload coupling mechanism. Numerical simulations of the steady-descent phase demonstrate convergence of the payload’s angular rates and Euler angles, and the results show good agreement with full-scale flight test data. The model strikes a favorable balance between computational efficiency and physical fidelity, and is particularly suited for dynamic analysis of non-axisymmetric payloads in parachute descent systems.