The spin-exchange relaxation-free (SERF) co-magnetometers have promising applications in both inertial navigation and fundamental physics experiments. However, the fluctuation in the spin polarization caused by the probe beam has a non-negligible influence on the co-magnetometer signal. In this paper, a theoretical model containing three parameters of the probe beam is established by extending the coupled Bloch equations. Based on this model, the influences of probe power density on the transient and steady-state response of a SERF co-magnetometer are analyzed. According to the transient response model, a new measurement method for transverse optical pumping of the probe beam is proposed. Then for the steady-state response model, a steady-state error suppression method is suggested by adjusting the degree of circular polarization of the probe beam. Eventually, the suppression method is used to refine the SERF co-magnetometer and achieves a suppression rate of 70.31% in transverse electron spin polarization fluctuations, thus improving the co-magnetometer to a stability of 0.0079°/h. In our knowledge, it is better than what has been reported so far.