In this paper, we introduce an innovative interacting multiple-criterion selection (IMCS) idea to design the optimal radar waveform, aimingto reduce tracking error and enhance tracking performance. This method integrates the multiple-hypothesis tracking (MHT) and Rao–Blackwellized particle filter (RBPF) algorithms to tackle maneuvering First-Person-View (FPV) drones in a three-dimensional low-altitude cluttered environment. A complex hybrid model, combining linear and nonlinear states, is constructed to describe the high maneuverability of the target. Based on the interacting multiple model (IMM) framework, our proposed IMCS method employs several waveform selection criteria as models and determines the optimal criterion with the highest probability to select waveform parameters. The simulation results indicate that the MHT–RBPF algorithm, using the IMCS method for adaptive parameter selection, exhibits high accuracy and robustness in tracking a low-altitude maneuvering target, resulting in lower root mean square error (RMSE) compared with fixed- or single-waveform selection mechanisms.