This paper investigates the problem of spacecraft relative navigation with respect to an unknown target during the close-proximity operations in the on-orbit service system. The serving spacecraft is equipped with a Time-of-Flight (ToF) camera for object recognition and feature detection. A fast and robust relative navigation strategy for acquisition is presented without any extra information about the target by using the natural circle features. The architecture of the proposed relative navigation strategy consists of three ingredients. First, a point cloud segmentation method based on the auxiliary gray image is developed for fast extraction of the circle feature point cloud of the target. Secondly, a new parameter fitting method of circle features is proposed including circle feature calculation by two different geometric models and results’ fusion. Finally, a specific definition of the coordinate frame system is introduced to solve the relative pose with respect to the uncooperative target. In order to validate the efficiency of the segmentation, an experimental test is conducted based on real-time image data acquired by the ToF camera. The total time consumption is saved by 94%. In addition, numerical simulations are carried out to evaluate the proposed navigation algorithm. It shows good robustness under the different levels of noises.