Photogrammetry (PG) can present accurate data to evaluate the functional performance of large space structures. For camera calibration and orientation, the On-orbit Multi-view Dynamic Photogrammetry System (OMDPS) lacks appropriate spatial reference data. A multi-data fusion calibration method for all parameters for this kind of system is proposed in this paper as a solution to this issue. Firstly, a multi-camera relative position model is developed to solve the reference camera position unconstrained problem in the full-parameter calibration model of the OMDPS in accordance with the imaging model of stars and scale bar targets. Subsequently, the problem of adjustment failure and inaccurate adjustment in the multi-data fusion bundle adjustment is solved using the two-norm matrix and the weight matrix to adjust the Jacobian matrix with respect to all system parameters (e.g., camera interior parameters (CIP), camera exterior parameters (CEP), and lens distortion parameters (LDP)). Finally, all system parameters can be optimized simultaneously using this algorithm. In the actual data ground-based experiment, 333 spatial targets are measured using the V-star System (VS) and OMDPS. Taking the measurement of VS as the true value, the measurement results of OMDPS indicated that the in-plane Z-direction target coordinates root-mean-square error (RMSE) is less than 0.0538 mm and the Z-direction RMSE is less than 0.0428 mm. Out-of-plane Y-direction RMSE is less than 0.1514 mm. The application potential of the PG system for on-orbit measurement tasks is demonstrated through the actual data ground-based experiment.