The bionic polarization imaging navigation sensor (BPINS) is a navigation sensor that provides absolute heading, and it is of practical engineering significance to model the measurement error of BPINS. The existing BPINSs are still modeled using photodiode-based measurements rather than imaging measurements and are not modeled systematically enough. This paper proposes a measurement model of BPINS that takes into account the geometric and polarization errors of the optical system. Firstly, the key error factors affecting the measurement accuracy of BPINS are systematically investigated and the Stokes vector-based measurement error model of BPINS is established. Secondly, based on its measurement error model, the effect of the error source on the measurement performance of BPINS is quantitatively analyzed by using Rayleigh scattering to generate scattered sunlight as a known incident light source. The experimental results show that the coordinate deviation of the principal point has a greater impact, followed by grayscale response inconsistency of CMOS and integration angle error of micro-polarization array, and finally lens attenuation. This finding can guide the subsequent calibration of BPINS, and the quantitative results provide an important reference for its optimal design.