Emitter localization offers significant advantages such as high concealment, long detection range, and low cost, making it indispensable in target positioning. The utilization of low earth orbit satellite formation with AOA (Angle of Arrival) and TDOA (Time Difference of Arrival) measurements is a key technology for achieving emitter localization. To address the issues of requiring numerous cooperative platforms and the poor accuracy of single-epoch solutions with single-parameter closed-form algorithms, this paper proposes a multi-parameter multi-epoch positioning method based on a three-satellite formation. Simulation data are used to analyze the positioning accuracy under various epochs and different TDOA and AOA noise conditions. The experimental results demonstrate that, compared to the traditional single-parameter single-epoch localization method, utilizing a three-satellite formation with combined AOA and TDOA parameters, along with a multi-epoch solution approach, significantly improves localization accuracy to within an order of ten meters. This method enhances robustness and provides a viable strategy for addressing localization challenges caused by underdetermined systems of equations. Additionally, the results verify that an accumulated almanac element duration of 20 s ensures high positioning accuracy while maintaining a low computational cost. The combined multi-parameter multi-epoch method shows substantial advantages in improving both accuracy and robustness, providing valuable insights for future satellite-based emitter localization technologies.